Tennessee Code Title 45. Banks and Financial Institutions § 45-8-101

Small business investment companies chartered by the secretary of state and licensed by the small business administration shall be authorized to perform all the functions and exercise all the powers in this state and be subject to all the limitations as prescribed by the Small Business Investment Act of 1958, Public Law 85-699, 85th Congress, second session, 72 Stat. 689 (15 U.S.C. § 661 et seq.), and all rules and regulations promulgated under that act. So long as the company is licensed, regulated, supervised and inspected by the small business administration, it shall not be subject to supervision by agencies of the state, except by the department of commerce and insurance under title 48, chapter 1, part 1.