Tenn. Comp. R. & Regs. 0960-01-.08 - APPLICATIONS

Current through March 20, 2022

(1) An applicant for a license to sell motor vehicles shall comply with T.C.A. § 55-17-111 and shall provide the Commission with all information required by this section. An applicant for a license to sell recreational vehicles shall comply with T.C.A. § 55-17-405 and shall provide the Commission with all information required by this section.
(2) Applicants are required to provide the Commission, and keep current, the names of any inventory financers, i.e. "floor planners" used by the dealership.
(3) A motor vehicle or recreational vehicle dealer applicant shall provide to the Commission a compiled financial statement indicating a minimum net worth of at least Ten Thousand Dollars ($10,000.00). The compiled financial statement must be prepared in accordance with generally accepted accounting principles by a certified public accountant or public accountant dated not earlier than twelve (12) months prior to the date of the application, and a copy of the same must be furnished to the Commission along with any changes to the statement.
(4) The Commission may deny any application for a license if any manager, director, or owner of five percent (5%) interest or greater of the applicant could be denied licensure as an individual pursuant to T.C.A. § 55-17-114.

Notes

Tenn. Comp. R. & Regs. 0960-01-.08
Original rule filed February 5, 1979; effective May 28, 1979. Amendment filed November 15, 2000; effective January 30, 2001. Repeal and new rule filed August 20, 2008; effective November 3, 2008. Repeal and new rule filed June 22, 2011; effective September 20, 2011. Amendments filed September 21, 2016; effective December 20, 2016. Amendments filed May 12, 2017; effective 8/10/2017.

Authority: T.C.A. §§ 55-17-107, 55-17-111, 55-17-402, and 55-17-405.

The following state regulations pages link to this page.



State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.