45-7-213 - Changes in control of a licensee. - Tennessee Statutes

45-7-213. Changes in control of a licensee.

(a)  A change in control of a licensee shall require prior notice to the commissioner. In the case of a publicly traded corporation, notification shall be made in writing within fifteen (15) days of a change or acquisition of control of a licensee. Upon notification, the commissioner may require information deemed necessary to determine whether an application for a license is required. The commissioner may waive the filing of an application if, in the commissioner's discretion, the change in control does not pose any risk to the interests of the public.

(b)  Whenever control of a licensee is acquired or exercised in violation of this section, the license of the licensee shall be deemed revoked as of the date of the unlawful acquisition of control. The licensee, or its controlling person, shall surrender the license to the commissioner on demand.

[Acts 1994, ch. 715, § 1.]