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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
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. (More Details)
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. (More Details)
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. (More Details)
Mortgage License This License is required of any Mortgage Lender, Mortgage Loan Broker and/or Mortgage Loan Servicer. (More Details)
Title Pledge Lender License This license will become available on August 1, 2017. 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
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. (More Details)
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. (More Details)
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.
Title Pledge Lender Branch License This license will become available on August 1, 2017. 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.” (More Details)
 

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