Commerce and Insurance, Dept. of - As enacted, requires a chancery court that has found that a person engaged in or is about to engage in an act or practice constituting a violation of the Tennessee Securities Act of 1980 to appoint the commissioner as the receiver or conservator for the defendant upon request by the commissioner; makes other changes related to matters regulated by the department. - Amends TCA Title 48, Chapter 1, Part 1 and Title 49, Chapter 4, Part 1.

HB 2529 requires chancery courts to appoint the Tennessee Commissioner of Commerce and Insurance as a court-appointed manager (receiver or conservator) for defendants found violating the Tennessee Securities Act of 1980, upon the commissioner’s request. This change directly affects securities industry violators and streamlines enforcement by giving the commissioner automatic authority to manage assets in court cases. The bill also modifies statute of limitations for private lawsuits (extending to 5 years from violation) and adds notice requirements for expunging customer dispute records from industry databases. These provisions aim to strengthen regulatory oversight and clarify procedures for handling securities violations.