2010 Tennessee Code
Title 45 - Banks And Financial Institutions
Chapter 13 - Tennessee Residential Lending, Brokerage and Servicing Act
Part 2 - Licensing of Mortgage Lenders, Mortgage Loan Brokers and Mortgage Loan Servicers
45-13-210 - Change of control.
45-13-210. Change of control.
(a) A change in control of a person licensed as a mortgage lender, mortgage loan broker, and/or mortgage loan servicer under this chapter shall require thirty (30) days' prior written notice to the commissioner. In the case of a publicly traded corporation, notification shall be made in writing within thirty (30) days of a change or acquisition of control of a licensee.
(b) Upon notification of a change in control, the commissioner may require information deemed necessary to determine whether an application for a license is required. The commissioner may waive the filing of an application if, in the commissioner's discretion, the change in control does not pose any risk to the interests of the public.
(c) Whenever control is acquired or exercised in violation of this section, the license shall be deemed revoked as of the date of the unlawful acquisition of control. The licensee, or its controlling person, shall surrender the license to the commissioner on demand.
[Acts 2009, ch. 499, § 8.]
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