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.

SB 1866 requires Tennessee chancery courts to appoint the Commissioner of Commerce and Insurance as receiver or conservator for defendants found to have violated the Tennessee Securities Act of 1980, upon the Commissioner's request. This directly affects defendants in securities violation cases and streamlines oversight by the Commerce Department. The bill also updates related provisions, including clarifying statutes of limitations for securities claims and modifying procedures for expunging customer dispute records from industry databases. These changes aim to strengthen enforcement and administrative processes under the department's jurisdiction.