2015 Tennessee Code
Title 56 - Insurance
Chapter 37 - Premium Finance Company Act of 1980
§ 56-37-103 - License required -- Fees -- Disclosure -- Rules and regulations.

(a) No person shall engage in the business of a premium finance company in this state without first having obtained a license as a premium finance company from the commissioner.

(b) (1) Licenses issued pursuant to this chapter shall expire on March 31. A license may be renewed for the ensuing twelve-month period upon application by the license holder showing continued compliance with the requirements of § 56-37-104, and payment of the nonrefundable supervision fee, as provided in § 45-1-118(i). The supervision fee shall be applicable to each location. A licensee making timely and complete application and payment for renewal of its license shall be permitted to continue to operate under its existing license until its application is approved or denied. The completed renewal application and the payment of the annual supervision fee shall be sent to the department on or before March 1 of each year. Licenses issued under the former provisions of this chapter shall instead expire on March 31, 2016.

(2) Licensees submitting renewal applications pursuant to this chapter from April 15, 2015, through July 1, 2015, shall not pay a supervision fee, as provided in § 45-1-118(i). A renewed license issued under this chapter with a beginning effective date of July 1, 2015, shall expire on March 31, 2016. The renewal fee for a renewed license submitted from April 15, 2015, through July 1, 2015, shall be three hundred dollars ($300). A licensed location examined from April 15, 2015, through March 31, 2016 shall pay the actual and reasonable costs of the examination.

(c) The commissioner has the authority, at any time, to require the applicant to disclose fully the identity of all stockholders, partners, officers, and employees, and has discretion to refuse to issue or renew a license in the name of any firm, partnership or corporation if not satisfied that any officer, employee, stockholder or partner thereof who may materially influence the applicant's conduct meets the standards of this chapter.

(d) The commissioner is authorized to promulgate rules and regulations to effectuate the purposes of this chapter. The rules and regulations shall be promulgated in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.

(e) The commissioner may employ persons as necessary to examine or investigate and make reports on alleged violations of this chapter or compliance with the other provisions of this chapter. The costs for an examination or investigation of licensees shall be assessed pursuant to § 45-1-118(i). An unlicensed person subject to the licensing requirements of this chapter, who is examined or investigated in accordance with this chapter, shall pay to the commissioner the reasonable and actual expenses of the investigation or examination.

(f) The commissioner may establish a biennial license arrangement for the filing of the application for licensure renewal, but in no case shall the supervision fee be payable for more than one (1) year at a time.