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.
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.
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)
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.