TCA § 57-3-222 — Minimum required sales for renewal of retail license — Recordkeeping — Suspension or revocation of license

In order to renew a retail license, the licensee must maintain a minimum of sixty-five percent (65%) of the licensee's total sales from alcoholic beverages, including wine and beer, such percentage to be calculated on an annual basis. The licensee shall keep sales and purchase records through accounting methods that are customary or reasonable in the retail business. A retail licensee who fails to comply with subsection (a) in achieving the minimum required sales or in failing to keep adequate records shall have one (1) year to come into compliance. During this one-year period, the licensee shall work with the commission in creating a plan that would bring the licensee into compliance with this section. Failure to comply after the one-year period shall result in the retail license being suspended or revoked by the commission. In order to determine compliance with subsection (a), each retail licensee shall submit sales information to the commission in such form as the commission deems appropriate at the time the licensee applies for renewal. The commission is authorized to verify sales information if the commission deems it necessary with the department of revenue.