Tennessee Code Title 48. Corporations and Associations § 48-1-128

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

(a) The requirements of subsection (b) apply to the following:

(1) A broker-dealer or an agent with a principal place of business, branch office, or other business location in this state; or

(2) A broker-dealer or an agent previously registered in this state, with a principal place of business, branch office, or other business location in this state at the time during which the underlying customer dispute being sought to be expunged occurred.

(b) Prior to initiating a proceeding described in subdivision (b)(1)(A) or (b)(1)(B), a person described in subdivision (a)(1) or (a)(2) must:

(1) Provide the department with written notice at least sixty (60) days prior to:

(A) Filing to vacate, modify, or confirm an arbitration award relating to expungement of customer dispute information from the Central Registration Depository (CRD) system; or

(B) Filing an action in a court of competent jurisdiction to obtain expungement of customer dispute information from the CRD system; and

(2) Name the department as a party to the proceeding described in subdivision (b)(1)(A) or (b)(1)(B).

(c) Notwithstanding subdivision (b)(2), upon receiving the written notice required by subdivision (b)(1), the commissioner may, in the commissioner's discretion, waive the obligation of a person described in subdivision (a)(1) or (a)(2) to name the department as a party pursuant to a proceeding described in subdivision (b)(1)(A) or (b)(1)(B).

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Cite this article: FindLaw.com - Tennessee Code Title 48. Corporations and Associations § 48-1-128 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-48-corporations-and-associations/tn-code-sect-48-1-128/

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