Tennessee § 48-1-128 Broker-dealers and agents seeking expungement of customer dispute information from the Central Registration Depository

Tennessee Statutes

§ 48-1-128 — Broker-dealers and agents seeking expungement of customer dispute information from the Central Registration Depository

(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

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(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).

Tennessee § 48-1-128 (Broker-dealers and agents seeking expungement of customer dispute information from the Central Registration Depository) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.