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Money Transmitter License Application Process


The following forms are in pdf format unless otherwise stated. To view them, you may need to download the latest version of Adobe Acrobat. Adobe

Beginning October 1, 2013, the Department began accepting applications for a new Tennessee money transmitter application via NMLS. However, for those potential applicants that have already begun preparing their applications, the Department will continue to accept hard copy applications until December 31, 2013. These hard copy applications must include the following information:

Tennessee Money Transmitter License Application Form
Please ensure that the applicant fully completes the application including adequately responding to item 14 of the application form.  This response should include certain information noting the financial institutions, accounting and auditing methods, and the fee structure anticipated to be used by the applicant if the applicant has not already begun operations in another state. Such information should include internal controls expected to be used for customer funds. Click Here

Interagency Biographical and Financial Report
This report should be completed and submitted by any "executive officers", directors or "key shareholders" (refer to Tennessee Code Annotated (TCA) Section 45-7-203(6) and (7)).  However, please note that although the form references the Federal Deposit Insurance Corporation and other regulatory agencies, please do not supply the completed forms to any other agency other than the Department of Financial Institutions. The Department of Financial Institutions has simply adopted the Interagency Biographical and Financial Report for use related to all applications processed by our division. Click Here

Confidential Background Information Consent Form
This form should also be completed and submitted by any "executive officers", directors as well as any direct or indirect "key shareholders" (refer to TCA Section 45-7-203(6) and (7)). Click Here

Additionally, please note that providing the information below will likely result in expedited review and processing of a submitted money transmitter license application:

  • If the applicant is subject to the federal regulations requiring registration as a Money Services Business with the Financial Crimes Enforcement Network (FinCEN) or federal regulations requiring that the applicant establish an Anti-Money Laundering Program, please provide the following:
  • (a) Documentation evidencing the registration of the applicant as a Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN) as required by 31 CFR §103.41(a), if applicable.
  • (b) A copy of the applicant's BSA/AML Policy.
  • If the applicant believes such federal regulations do not apply, please provide a legal opinion from the Financial Crimes Enforcement Network or legal counsel documenting such determination and the reason(s) why such regulations do not apply.
  • A description of controls implemented to monitor and ensure compliance with Permissible Investment requirements found in TCA Sections 45-7-206 and 45-7-203(13). Such description may include a sample of Permissible Investment Reports used by the applicant to ensure such compliance. Such description must address both the level of permissible investments as well as the level of outstanding money transmitter customer obligations.
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  • If the applicant is currently experiencing earnings losses, provide an explanation for such losses as well as an earnings plan or budget addressing efforts to achieve profitability and an estimation of the timing of such profitability.
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  • If the applicant chooses to satisfy the requirements of TCA Section 45-7-208 with a surety bond, the applicant should use this surety bond template (Click Here). A Tennessee money transmitter license will not be issued without submission to the Department of an acceptable security device that complies with TCA 45-7-208 and Chapter 0180-26-.01 of the Rules of the Tennessee Department of Financial Institutions. (TCA Title 45 Chapter 7 and TDFI MT Rules)
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  • Each application must be accompanied by a non-refundable application fee in the amount of two hundred fifty dollars ($250) for those applicants proposing four (4) or fewer agents and five hundred dollars ($500) for those applicants proposing five (5) or more agents pursuant to TCA Section 45-7-209.
  • Effective October 1, 2013 the Tennessee Department of Financial Institutions (TDFI) began using NMLS to manage money transmitter licenses. Through NMLS, your company is now able to apply for, amend, and renew your license authority conveniently and safely online. Please note that effective January 1, 2014, the Department will only accept new money transmitter license applications via NMLS.

    The company new application checklist for Tennessee money transmitter license applicants is available via the following NMLS web page: http://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/TN-Money-Transmitter-Company-New-App-Checklist.pdf

    NMLS is a secure, web-based system created by state regulators to provide efficiencies in the processing of state licenses and to improve supervision of state regulated industries. Through NMLS, companies maintain a single record which they use to apply for, maintain, renew, and surrender license authorities in one or more states. NMLS also contains functionality for the submission of financial statements as required for Tennessee money transmitter license applicants.

    More information about NMLS can be found at: http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx

    Managing Your License on NMLS

    Each company applying for a Tennessee money transmitter license, must create a company record in the system for the company. Once the company forms have been completed, they can now be submitted electronically through NMLS to the TDFI.

    The majority of application information will be collected via NMLS, but certain information will need to be provided outside of NMLS directly to the Department. Such information is noted in the aforementioned checklist.

    How to Access NMLS

    In order to gain access to NMLS for the first time you must complete a Company Account Request Form and identify a Primary Account Administrator and a Secondary Account Administrator. This form can be submitted electronically through the NMLS website in the 'Getting Started' section. This form needs only to be submitted once per company, regardless of the number of NMLS participating states in which you are licensed. IF YOUR COMPANY ALREADY HAS A RECORD IN NMLS, THEN YOU DO NOT NEED TO DO THIS STEP.

    Once you complete and submit this form, the Primary Account Administrator will receive NMLS login information within 3 business days. The Primary Account Administrator for your company will have full rights to (1) access the System, (2) submit information to this Agency and other participating state regulators, and (3) set-up other company users in the System. Instructions and tutorials on how to access and use the System are also available on the NMLS Resource Center.

    Forms to Complete and Fees

    Once you are able to access NMLS, you will need to submit the following through NMLS to the TDFI. Instructions and tutorials on how to complete these forms are available online at the Resource Center listed below.

    • 1. Licensed companies submit a NMLS Company Application
    • 2. Companies submit for each Control Person (such as an executive officer, qualified individual and branch manager) a NMLS Biographical Statement and Consent Form, as part of their Company filing.

    Effective October 1, 2013, you are now able to submit these completed forms to the TDFI via NMLS.

    If you have submitted these forms to another state, then you do not need to re-enter your company or branch records into NMLS. You will only need to identify the appropriate license type in Tennessee and complete the state specific fields.

    Costs

    A $100 NMLS processing fee is required for this application. Fees collected through the NMLS ARE NOT REFUNDABLE. There are no other NMLS processing fees for the initial application. These processing fees pay for NMLS’ operations, including licensee system access 362 days per year, ability to maintain, renew and run reports on your licenses, and NMLS Call Center support.

    Additionally, the application fee to the Department must be paid outside of NMLS directly to the Department in order for the Department to process the application. Please mail applicable checks to the following address:

    Tennessee Department of Financial Institutions

    Bank Division

    400 Deaderick Street, 6th Floor

    Nashville, TN 37243

    Each application must be accompanied by a non-refundable application fee in the amount of two hundred fifty dollars ($250) for those applicants proposing four (4) or fewer agents and five hundred dollars ($500) for those applicants proposing five (5) or more agents pursuant to TCA Section 45-7-209.

    NMLS Website

    The NMLS Resource Center http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx provides step-by-step instructions on how to access the system, guides on how to complete the Forms, each state’s transition plans and requirements, tutorials, current and future participating states, system alerts, system processing fees and general background information.

    Contacts

    If you have specific questions regarding NMLS, please contact the NMLS call center at (240) 386-4444.

    Additionally, if you have any questions feel free to contact TDFI personnel Justin McClinton by phone at 615-532-1021 or Memory Barber by phone at 615-532-9544 or send your questions via e-mail for additional assistance.