(a) Prior to initiating a proceeding described in subdivision (a)(1)(A) or (a)(1)(B), a broker-dealer or an agent with a principal place of business, branch office, or other business location in this state, must: (1) Provide the department written notice at least sixty (60) days prior to: (A) Filing to vacate, modify, or confirm an arbitration award relating to expungement of customer dispute information from the Central Registration Depository (CRD) system; or(B) Filing an action in a court of competent jurisdiction to obtain expungement of customer dispute information from the CRD system; and(2) Name the department as a party to a proceeding described in subdivision (a)(1)(A) or (a)(1)(B).(b) Notwithstanding subdivision (a)(2), upon receiving the written notice required by subdivision (a)(1), the commissioner may, in the commissioner's discretion, waive the obligation of a broker-dealer or an agent with a principal place of business, branch office, or other business location in this state to name the department as a party to a proceeding described in subdivision (a)(1)(A) or (a)(1)(B).Added by 2023 Tenn. Acts, ch. 112,s 15, eff. 4/4/2023.
Tennessee Legal Code