Senate Bill 1866, also known as House Bill 2529, amends various sections of the Tennessee Code Annotated related to the regulation of investment advisers and broker-dealers by the Department of Commerce and Insurance. Notably, it introduces a new exemption for certain individuals from the definition of an investment adviser or investment adviser representative, as specified in Section 48-1-109(c). Additionally, the bill modifies the language in Section 48-1-111(d)(4) to clarify references within the statute and adds provisions in Section 48-1-119(b) that allow the chancery court to appoint the commissioner as receiver or conservator for defendants or their assets upon request.

Further amendments include a revised statute in Section 48-1-122(h) that establishes a five-year limitation for private rights of action related to violations, and a new framework in Section 48-1-128 that outlines the requirements for broker-dealers or agents seeking to expunge customer dispute information from the Central Registration Depository (CRD) system. This includes a mandatory 60-day written notice to the department and the option for the commissioner to waive the requirement to name the department as a party in such proceedings. The bill also repeals an entire part of Title 49, Chapter 4, Part 1, streamlining the regulatory framework. The act is set to take effect upon becoming law.

Statutes affected:
Introduced: 48-1-109(c), 48-1-109, 48-1-111(d)(4), 48-1-111, 48-1-119(b), 48-1-119, 48-1-122(h), 48-1-122, 48-1-128