2018 Tennessee Code
Title 45 - Banks and Financial Institutions
Chapter 7 - Money Transmission
Part 2 - Money Transmitters
§ 45-7-212. Extraordinary reporting requirements.
(a) Within fifteen (15) days of the occurrence of any one (1) of the events listed in subdivisions (a)(1)-(5), a licensee shall file a written report with the commissioner describing the event and its expected impact on the licensee's activities in the state:
(1) The filing for bankruptcy or reorganization by the licensee;
(2) The institution of revocation or suspension proceedings against the licensee by any state or governmental authority with regard to the licensee's money transmission activities;
(3) Any felony indictment of the licensee or any of its officers, directors or principals related to money transmission activities;
(4) Any felony conviction of the licensee or any of its officers, directors or principals related to money transmission activities; and
(5) Other events that the commissioner may determine.
(b) An authorized agent shall report to the licensee the theft or loss of payment instruments valued at five thousand dollars ($5,000) or more within twenty-four (24) hours from the time the agent knew or should have known of the theft or loss. Upon the receipt of the report, the licensee shall immediately provide the information to the commissioner.
