Tenn. Comp. R. & Regs. 0960-01-.08 - APPLICATIONS
(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
Authority: T.C.A. §§ 55-17-107, 55-17-111, 55-17-402, and 55-17-405.
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