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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Check Casher License This license is required for any person engaged in the business of cashing payment instruments. A “check casher” is defined as any person who, for compensation, provides currency in exchange for payment instrument received. “Payment instrument” is defined as a check, draft, warrant, money order, traveler’s check or other instrument for the payment of money, whether or not negotiable.
Deferred Presentment License Deferred presentment services means a transaction pursuant to a written agreement involving the following combination of activities in exchange for a fee: (A) Accepting a check dated on the date it was written; and (B) Holding the check for a period of time prior to presentment for payment or deposit. No person shall engage in the business of Deferred Presentment Services without having first obtained a license. A separate license shall be required for each location (branch) from which the business is conducted. Payday Lending – Online, No person shall engage in the business of deferred presentment services in this state through the use of the internet, facsimile, telephone, or other means without having first obtained a license. A person shall be deemed to be engaged in the business of deferred presentment services in this state, if the person induces a consumer, while located in this state, to enter into a deferred presentment services transaction in this state.
Exempt Company Registration This registration is available for any company that employs state-licensed mortgage loan originators but is not required to be licensed under the laws of Tennessee. This registration is optional and is intended for companies that wish to manage their mortgage loan originator in NMLS. Please consult the state regulator before applying for this registration. (More Details)
Flexible Credit License Flex loan means a loan pursuant to a written agreement between a licensee and a customer establishing an open-end credit plan under which the licensee contemplates repeated noncommercial loans for personal, family, or household purposes, that: (A) may be unsecured or secured by personal property; (B) may be without fixed maturities or limitation as to the length of term; and (C) are subject to prepayment in whole or in part at any time without penalty. A person shall be deemed to be engaged in the business of making flex loans in this state if the person induces a consumer, while located in this state, to enter into a flex loan plan in this state through the use of the Internet, facsimile, telephone, or other means. A separate license shall be required for each location from which the business of making flex loans is conducted.
Industrial Loan and Thrift Registration This registration is required for any person engaged in the business of making loans and imposing the interest and loan charges authorized under the Tennessee Industrial Loan and Thrift Companies Act, Tenn. Code Ann. §§ 45-13-101, et seq.
Money Transmitter License The Tennessee Money Transmitter Act (“TMTA”) defines “money transmission” as the sale or issuance of payment instruments or engaging in the business of receiving money for transmission or transmitting money within the United States or to locations abroad by any and all means, including, but not limited to, payment instrument, wire, facsimile or electronic transfer. Any entity that engages in the business of money transmission and provides such services to Tennessee residents, unless certain exemptions apply, must be licensed pursuant to the Tennessee Money Transmitter Act.
Mortgage License This License is required of any Mortgage Lender, Mortgage Loan Broker and/or Mortgage Loan Servicer.
Premium Finance Any person engaged in the business of a premium finance company in Tennessee. The Tennessee Premium Finance Company Act of 1980 is found at Tenn. Code Ann. §§ 56-37-101, et seq. The Tennessee Code may be accessed by means of this link: http://www.lexisnexis.com/hottopics/michie/. “Premium finance company” is defined at Tenn. Code Ann. § 56-37-102(5) to mean a person engaged in the business of entering into premium finance agreements or acquiring premium finance agreements from other premium finance companies. “Premium finance agreement” is defined at Tenn. Code Ann. § 56-37-102(4) to mean an agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or producing agent in payment of premiums of an insurance contract, together with interest and a service charge as authorized and limited by the Tennessee Premium Finance Company Act of 1980. This license goes live 9/1.
Title Pledge Lender License A “Title Pledge Lender” is defined as “any person engaged in the business of making title pledge agreements or property pledge agreements with pledgers.”
Branch Licenses Description Requirements Checklist
Check Casher Branch License This license is required for any person engaged in the business of cashing payment instruments, and that also holds or is applying for a Check Casher License. A separate license is required for each location from which the business is conducted.
Deferred Presentment Branch License Deferred presentment services means a transaction pursuant to a written agreement involving the following combination of activities in exchange for a fee: (A) Accepting a check dated on the date it was written; and (B) Holding the check for a period of time prior to presentment for payment or deposit. No person shall engage in the business of Deferred Presentment Services without having first obtained a license. Payday Lending – online, No person shall engage in the business of deferred presentment services in this state through the use of the internet, facsimile, telephone, or other means without having first obtained a license. A person shall be deemed to be engaged in the business of deferred presentment services in this state, if the person induces a consumer, while located in this state, to enter into a deferred presentment services transaction in this state.
Flexible Credit Branch License Flex loan" means a loan pursuant to a written agreement between a licensee and a customer establishing an open-end credit plan under which the licensee contemplates repeated noncommercial loans for personal, family, or household purposes, that: (A) may be unsecured or secured by personal property; (B) may be without fixed maturities or limitation as to the length of term; and (C) are subject to prepayment in whole or in part at any time without penalty. A person shall be deemed to be engaged in the business of making flex loans in this state if the person induces a consumer, while located in this state, to enter into a flex loan plan in this state through the use of the Internet, facsimile, telephone, or other means. A separate license shall be required for each location from which the business of making flex loans is conducted.
Industrial Loan and Thrift Branch Registration This registration is required for any person engaged in the business of making loans and imposing the interest and loan charges authorized under the Tennessee Industrial Loan and Thrift Companies Act, Tenn. Code Ann. §§ 45-13-101, et seq., and that also holds or is applying for a Tennessee Industrial Loan and Thrift Company Registration. A separate registration is required for each office or other place from which the business is conducted.
Mortgage Branch Authorization This filing is required ONLY of an office of a Licensee or Registrant that is separate and distinct from the principal place of business and is originating mortgage loans on Tennessee residential properties.
Premium Finance Branch License Any person licensed to engage in the business of a premium finance company in Tennessee that is engaging in the business from an office of the person that is separate and distinct from the person’s principal place of business. This license should only be applied for by a company that also holds or is applying for a TN Premium Finance License (Company). “Premium finance company” is defined at Tenn. Code Ann. § 56-37-102(5) to mean a person engaged in the business of entering into premium finance agreements or acquiring premium finance agreements from other premium finance companies. “Premium finance agreement” is defined at Tenn. Code Ann. § 56-37-102(4) to mean an agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or producing agent in payment of premiums of an insurance contract, together with interest and a service charge as authorized and limited by the Tennessee Premium Finance Company Act of 1980. This license goes live on 9/1.
Title Pledge Lender Branch License This license should only be applied for by a company that also holds or is applying for Tennessee Department of Financial Institutions (TN) Title Pledge Lender License.
Individual Licenses Description Requirements Checklist
Mortgage Loan Originator License This license is required of “(A) an individual who for compensation or gain or in the expectation of compensation or gain: (i) takes a residential mortgage loan application; or (ii) offers or negotiates terms of a residential mortgage loan. (B) But, does not include an individual engaged solely as a loan processor or underwriter for a registrant, unless that individual is an independent contractor and not an employee.”
 

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