Tenn. Code Ann. § 62-35-113: Change in ownership - Application for license - Operation under old license

(a) If the ownership of a contract security company changes, the new owner, if not already a licensee, may not operate that company more than thirty (30) days after the date of the change of ownership unless, within the thirty-day period, the new owner submits an application for a license. If the application is submitted, the new owner may continue to operate the company until the application has been finally determined by the commissioner.

(b) For good cause, the commissioner may extend the period for submitting an application pursuant to subsection (a) for a reasonable time.