Bill > SB1866

This bill makes several changes to Tennessee law concerning matters regulated by the Department of Commerce and Insurance, particularly related to securities. It clarifies exemptions for certain individuals from being considered investment advisers or representatives, corrects a cross-reference within existing law, and importantly, allows the Commissioner of Commerce and Insurance to be appointed as a receiver or conservator for a defendant's assets by a chancery court if that person is found to be violating the Tennessee Securities Act of 1980, upon the Commissioner's request. The bill also modifies the time limits for bringing private lawsuits related to securities violations, establishing a five-year limit from the violation or a two-year limit from discovery, whichever comes first, and revises procedures for broker-dealers and agents seeking to expunge (remove) customer dispute information from the Central Registration Depository (CRD) system, requiring them to notify and potentially name the department in such proceedings. Finally, it repeals an entire part of Tennessee Code Annotated related to Title 49, Chapter 4.