Title 45, Banks And Financial Institutions

(a) It is determined and declared as a matter of legislative finding by the general assembly that:(1) The availability of financial and management assistance is an important resource to small and medium size businesses to locate, remain and expand in the state, which, in time, wi…

(1) As used in this part, unless the context otherwise requires:(1) “Affiliate” means, if used with respect to a specified person other than a natural person, a person controlling or controlled by the specified person, or a person controlled by a person who also controls the spec…

A corporation licensed under and pursuant to this part shall be known as a BIDCO, shall be subject to regulation by the commissioner, and shall be deemed subject to the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27, or the Tennessee Nonprofit Corporatio…

(a) Except as otherwise provided in subsection (b), a person transacting business in this state, other than a licensee, shall not use a name or title that indicates that the person is a business and industrial development corporation, including, but not limited to, use of the ter…

(a) The commissioner shall administer this part and shall have supervision responsibility for all BIDCOs incorporated under the laws of this state. (b) The commissioner may issue orders and promulgate rules and regulations pursuant to the Uniform Administrative Procedures Act, co…

The commissioner shall establish by regulation a schedule of fees that the commissioner determines to be reasonable and necessary to effectuate the purposes of this chapter, in connection with the licensing, administration, examination and supervision of BIDCOs. The schedule shal…

(a) A Tennessee corporation may apply to the commissioner for a license to form and conduct business as a BIDCO. A person other than a Tennessee corporation may not apply for the license. (b) An application filed with the commissioner under this part shall be in the form and cont…

(a) Upon approval of a two-thirds (⅔) vote of its board of directors and after complying with subsection (b), a licensee may apply to the commissioner to have the commissioner accept the surrender of the license of the licensee. If the commissioner determines that the requirement…

(a) The business of a licensee shall be the business of providing financing assistance and management assistance to business firms. A licensee shall not engage in a business other than the business of providing financing assistance and management assistance to business firms. (b)…

(a) A licensee shall maintain not less than one (1) office in the state. (b) Each office of a licensee, whether within or outside of the state, shall be located in a place that is reasonably accessible to the public. (c) A licensee shall maintain at each of its offices personnel …

(a) One (1) or more other licensees, or one (1) or more directors, officers, principal shareholders, or affiliates of another licensee or licensees, either by itself or in concert with one (1) or more of its directors, officers, principal shareholders, or affiliates, shall not ho…

(a) If a licensee provides financing assistance to a business firm or engages in another business transaction, and if that financing assistance or transaction involves a potential conflict of interest, the terms and conditions under which the licensee provides the financing assis…

(a) Without the prior approval of the commissioner, a licensee shall not consummate a transaction involving a merger, acquisition of control, or a sale of all or substantially all of its business assets, where the licensee is a principal party to the transaction. (b) The commissi…

(a) A licensee shall make and keep books, accounts, and other records in a form and manner that the commissioner may require. The records shall be kept at the place and shall be preserved for the length of time that the commissioner may specify. (b) Not more than ninety (90) days…

(a) The commissioner shall visit and examine each licensee as frequently as the commissioner deems it necessary or expedient. On the occasion of every visit and examination, the commissioner shall, in company with one (1) or more of the officers of the licensee, if requested by t…

(a) The commissioner may make the investigations within or without the state as the commissioner may consider necessary or appropriate for determining whether to approve an application filed with the commissioner under this part, or for determining whether a licensee or other per…

(a) The commissioner may issue an order, setting forth an appropriate remedy, including, but not limited to, a cease-and-desist order, an order removing any person from office with a licensee, or prohibiting any person from further participating in any manner in the conduct of th…

(a) Should the commissioner find that any person has violated this part or has violated an order issued pursuant to § 45-8-218, the commissioner may order the person to pay to the state a civil penalty in an amount that the commissioner may specify. However, the amount of the civ…

(a) If the commissioner finds that a licensee is insolvent, or the licensee is transacting business without authority or in violation of this part or any other law, or it is contrary to the purposes of this part for the licensee to continue business, the commissioner shall commun…

(a) The information that is obtained by the commissioner, or any financial institutions examiner, in making an examination into the affairs of the BIDCO, shall be for the purpose of ascertaining the true condition of the affairs of the BIDCO, shall be privileged and confidential,…

(a) For the purposes of this section:(1) A person who is in a relationship referred to in this section within six (6) months before or after a licensee provides financing assistance shall be considered to be in that relationship as of the date that licensee provides that financin…

(a) A person who knowingly commits an act that violates § 45-8-222 commits a Class A misdemeanor. (b) This section does not apply to an act committed or omitted in good faith in conformity with an order or rule of the commissioner, notwithstanding that order or rule is later amen…

It is the duty of the BIDCO to submit to the commissioner a report of any apparent criminal violation known by it to have occurred. The commissioner shall submit to the district attorneys general of the respective judicial districts reports of apparent violations of laws. The com…

(1) The commissioner shall publish annually and provide to the governor and to each member of the general assembly a report that summarizes the department's accomplishments under this part in promoting economic development in this state. At the minimum, the information shall incl…

The requirements of § 45-8-212 shall not be applicable to a well capitalized licensee; provided, that within thirty (30) days of ceasing to be well capitalized, a licensee must apply for commissioner approval in order to retain any business acquired without the commissioner's pri…