§ 45-5-205 — Suspension or revocation of certificates of registration

(a) The commissioner may, after notice and opportunity for a hearing, suspend or revoke any certificate of registration if the commissioner finds that the registrant has knowingly or without exercising due care: (1) Failed to pay any fees or assessments imposed by the commissioner under the authority of this chapter; or (2) Violated any provision of this chapter or of any rule or regulation issued under this chapter. (b) A hearing shall be held on twenty (20) days' notice, in writing, setting forth the time and place and a concise statement of the facts alleged to sustain a suspension or revocation, which hearing shall be full, fair and public. The suspension or revocation and its effective date shall be set forth in a written order accompanied by conclusions of law, findings of fact and the reasons for the suspension or revocation, and a copy shall forthwith be delivered to the registrant. The order, findings, conclusions and any transcript of the evidence considered by the commissioner shall be filed with the public records of the department of financial institutions. (c) If a registrant operates more than one (1) office, any suspension or revocation of its certificate of registration shall be directed only against the office or offices that the commissioner may find in violation of this chapter. (d) Suspension or revocation of a certificate of registration shall not affect the validity of any existing loan contracts made under this chapter, or the validity of any investment certificates or thrift certificates issued in accordance with this chapter.

Legislative History

Amended by 2014 Tenn. Acts, ch. 736,s 5, eff. 7/1/2015. Acts 1979, ch. 204, § 19; T.C.A., § 45-2019; Acts 1983, ch. 274, § 14; 2001, ch. 165, § 6.