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Tennessee Code Title 45. Banks and Financial Institutions § 45-6-206

Current as of January 02, 2024 | Updated by Findlaw Staff

(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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Cite this article: FindLaw.com - Tennessee Code Title 45. Banks and Financial Institutions § 45-6-206 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-45-banks-and-financial-institutions/tn-code-sect-45-6-206/

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