Tennessee Passes Law Updating Licensing Statutes for Various Non-depository Financial Institutions

Tennessee recently passed a bill, with effective dates ranging from July 1, 2017 to April 1, 2019, updating licensing procedures and requirements for industrial loan and thrift companies, mortgage lenders, mortgage brokers, mortgage servicers, title lenders, check cashers, and premium finance companies.

Specifically, the regulator is authorized to transition the licensing and registration process for the following entities to the Nationwide Multistate Licensing System: industrial loan and thrift companies, title lenders, check cashers, and premium finance companies.

Additionally, the license application and annual supervision fee must be submitted each year between November 1 and December 31 for the following entities: industrial loan and thrift companies, title lenders, check cashers, and premium finance companies.  For check cashers, this change is effective April 1, 2018.  For premium finance companies, this change is effective July 1, 2018.

Furthermore the license expiration date is moved from March 31 to December 31 of each year for industrial loan and thrift companies.

Finally, the requirement for mortgage lenders, brokers, and servicers to submit an annual report to the regulator is eliminated.

The bill is Senate Bill 1202, and is available here.