2016 Tennessee Code
Title 45 - Banks and Financial Institutions
Chapter 18 - Check Cashing Act
§ 45-18-109. License renewal.

(a) (1) A license may be renewed for the ensuing twelve-month period upon application by the license holder showing continued compliance with the qualifications for a license, filing of the completed renewal form, and the payment to the commissioner of the nonrefundable supervision fee, as provided in § 45-1-118(i). 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) License holders submitting renewal applications pursuant to this chapter from April 15, 2015, through September 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 October 1, 2015 shall expire on March 31, 2016. The renewal fee for a renewal application submitted from April 15, 2015, through September 1, 2015, shall be two hundred fifty dollars ($250). A licensed location examined from April 15, 2015, through March 31, 2016, shall pay the actual and reasonable costs of the examination.

(b) The licensee shall include in its annual renewal report:

(1) A copy of its most recent unconsolidated annual financial statement, including balance sheet, statement of income or loss, statement of changes in shareholder's equity and statement of changes in financial position, except that a licensee may provide the most recent consolidated annual financial statement of the parent corporation if the statement includes the balance sheet, statement of income or loss, statement of changes in shareholder's equity and statement of changes of financial position of the licensee;

(2) Any material changes to any of the information submitted by the licensee on its original application that have not previously been reported to the commissioner on any other report required to be filed under this chapter;

(3) Notification of material litigation relating to the businesses regulated under this chapter; and

(4) Other information that the commissioner may deem appropriate for the proper enforcement of this chapter.

(c) [Deleted by 2014 amendment, effective July 1, 2015.]

(d) [Deleted by 2014 amendment, effective July 1, 2015.]

(e) 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.