Bill > HB2529

This bill makes several changes to Tennessee law, primarily 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 investment adviser representatives. A key provision requires a chancery court, upon the commissioner's request, to appoint the commissioner as a receiver or conservator for a defendant found to be violating the Tennessee Securities Act of 1980, which is a law designed to protect investors. The bill also adjusts the time limits for bringing legal actions related to securities violations and establishes new notification and party requirements for broker-dealers and agents seeking to expunge (remove) customer dispute information from the Central Registration Depository (CRD) system, a database used for tracking securities professionals. Finally, it repeals an entire part of Tennessee Code Annotated related to Title 49, Chapter 4, Part 1, indicating a significant overhaul or removal of regulations within that specific area.