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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

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.