2010 Tennessee Code
Title 45 - Banks And Financial Institutions
Chapter 6 - Pawnbrokers
Part 2 - Pawnbrokers Act of 1988
45-6-206 - Eligibility requirements for license.
45-6-206. Eligibility requirements for license.
(a) To be eligible for a pawnbroker's license, an applicant must:
(1) Be of good moral character;
(2) Have net assets, as defined herein, of at least seventy-five thousand dollars ($75,000), readily available for use exclusively in conducting the business of each licensed pawnbroker;
(3) Show that the business will be operated lawfully and fairly within the purpose of this part; and
(4) If so requested by the appropriate law enforcement agency in any county having a population in excess of eight hundred thousand (800,000), according to the 1990 federal census or any subsequent federal census, have a computer system that is capable of electronically transferring information, and shall electronically transfer the information on pledged goods to the sheriff or local law enforcement agency where the pawnshop will be located.
(b) Despite a person's eligibility for a pawnbroker's license under subsection (a), the county clerk shall find ineligible an applicant who has a prior felony conviction within ten (10) years next preceding that:
(1) Directly relates to the duties and responsibilities of the occupation of a pawnbroker; or
(2) Otherwise makes the applicant presently unfit for a pawnbroker's license.
(c) If an applicant for a pawnbroker's license is a business entity, the eligibility requirements of subsections (a) and (b) apply to each operator or beneficial owner, and as to a corporation, to each officer, shareholder, and director.
[Acts 1988, ch. 724, § 6; 1994, ch. 935, § 1; 1995, ch. 186, § 4; 1997, ch. 409, § 4.]
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