(a) Every person, firm or corporation desiring to engage in the business of pawnbroker shall petition the county clerk in the county in which the pawnbroker establishment is to be operated for a license to conduct the business.

(b) The petitions shall provide:

(1) The name of the person, and in case of a firm or corporation, the names of the persons composing the firm or of the officers and stockholders of the corporation;

(2) The place, street, and number where business is to be carried on;

(3) Specify the amount of net assets or capital proposed to be used by the petitioner in the business;

(4) The signature of at least ten (10) freeholders, citizens of the county in which petitioner resides, of good reputation, certifying to the good reputation and moral character of the applicant or applicants;

(5) The statement required in subdivision (b)(3) shall be accompanied by an unaudited statement from a certified public accountant and shall contain the following statement:

(6) An affidavit by petitioner that petitioner has not been convicted of a felony within the past ten (10) years, that directly affects the petitioner's ability to lawfully and fairly operate pursuant to this part;

(7) A certificate from the chief of police and/or sheriff and/or the Tennessee bureau of investigation that petitioner is of good moral character and has not been convicted of a felony within the past ten (10) years; and

(8) Certified funds in the amount of fifty dollars ($50.00) payable to the county clerk to defray the costs of investigation of the petition, plus to pay directly for the costs of the city, sheriff, and Tennessee bureau of investigation investigating the petitioner.