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2017 Tennessee Code
Title 45 - Banks and Financial Institutions
Chapter 6 - Pawnbrokers
Part 2 - Pawnbrokers Act of 1988
§ 45-6-206. Eligibility requirements for license.
Universal Citation: TN Code § 45-6-206 (2017)
- (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) Each licensed pawnbroker shall conform to the requirements set forth in § 45-6-221.
- (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.
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