45-18-109 - License renewal. - Tennessee Statutes

45-18-109. License renewal.

(a)  Each license may be renewed upon application by the licensee showing continued compliance with the qualifications for a license and the filing of a completed renewal form and payment of a nonrefundable renewal fee of five hundred dollars ($500). The department shall send the renewal form to each licensee no later than August 1. The completed renewal form and payment of the renewal fee shall be sent to the department on or before September 1 of each year.

(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)  A licensee that has not filed a renewal report or paid its renewal fee by the renewal filing deadline and has not been granted an extension of time to do so by the commissioner shall be notified by the commissioner, in writing, that a hearing will be scheduled, at which time the licensee will be required to show cause why its license should not be suspended pending compliance with these requirements.

(d)  Unless excused for good cause by the commissioner, each licensee who fails to remit the renewal fee and annual renewal application by September 1 of each year, shall forfeit to the commissioner a late fee of fifty dollars ($50.00) per day until these requirements are met before the renewed license may be issued.

[Acts 1997, ch. 309, § 9.]