Tennessee Department of Financial Institutions 2018 Renewal Checklist

Transcription

1 Tennessee Department of Financial Institutions 2018 Renewal Checklist Instructions Renewal requests must be submitted through NMLS by the date specified by your state regulator(s). Click here to review all renewal deadlines, requirements and fees. Review the Renewal Checklist to determine any documentation required by the state outside of NMLS. All requirements must be submitted to the agency within five business days of the electronic renewal submission. License Types Mortgage Loan Originator License Deferred Presentment License Mortgage License Flexible Credit License Money Transmitter License Agency Contact Information Contact Tennessee Department of Financial Institutions licensing staff by phone at (615) or send your questions via to for additional assistance. Tennessee Department of Financial Institutions; Compliance Division Tennessee Tower, 26 th Floor 312 Rosa L. Parks Avenue Nashville, TN THE LICENSEE IS FULLY RESPONSIBLE FOR MEETING ALL OF THE REQUIREMENTS OF THE AGENCY FROM WHICH THE LICENSE FOR WHICH THEY ARE REQUESTING LICENSE RENEWAL. THE AGENCY-SPECIFIC REQUIREMENTS CONTAINED HEREIN ARE FOR GUIDANCE ONLY TO FACILITATE RENEWAL THROUGH THE NMLS. SHOULD YOU HAVE QUESTIONS, PLEASE CONSULT LEGAL COUNSEL. Page 1 of 6

2 Tennessee Mortgage Loan Originator License Criminal Background Check: Every MLO who has not completed a criminal background check (CBC) in NMLS since January 1, 2015, must complete a new CBC in NMLS by December 31, 2017, as a condition of renewal for Credit Report: Every MLO who has not authorized a credit report in NMLS since January 1, 2015, must complete a new credit report in NMLS by December 31, 2017, as a condition of renewal for NMLS NMLS Page 2 of 6

3 Tennessee Deferred Presentment License Annual Report: This form will be available on the Department's website on November 1 and must be submitted to TN, outside of the NMLS, prior to December 31. Failure to timely submit the annual report will result in the expiration of your license at the close of business on December 31. Mail to TN Page 3 of 6

4 Tennessee Mortgage License Note: Failure to timely submit the surety bond or continuation certificate will result in the expiration of your license at the close of business on December 31. Surety Bond: Original Continuation Certificate or original Surety Bond, with power of attorney, showing extended expiration date of December 31, The original surety bonds should be mailed directly to TN at the address listed above. Continuation certificates or riders may be ed to TN or uploaded into NMLS. Click to view bond amount requirements for renewal. to TN OR Upload in NMLS: under the Document Type Surety Bond in the Document Uploads section of the Company Form (MU1). Page 4 of 6

5 Tennessee Flexible Credit License Annual Report: This form will be available on the Department's website on November 1 and must be submitted to TN, outside of the NMLS, prior to December 31. Failure to timely submit the annual report will result in the expiration of your license at the close of business on December 31. Financial Statements: Audited Financial Statement, including a balance sheet, a statement of income or loss and a statement of changes in financial position, for the immediately preceding fiscal year end, prepared in accordance with Generally Accepted Accounting Principles by a Certified Public Accountant (CPA) or Public Accounting Firm, neither of which is affiliated with the applicant. Surety Bond/Letter of Credit: Original Continuation Certificate or original surety bond, with power of attorney, showing extended expiration date of December 31, 2018; Or An irrevocable letter of credit showing extended expiration date of December 31, The original surety bonds should be mailed directly to TN at the address listed above. Continuation certificates or riders may be ed to TN or uploaded into NMLS. Mail to TN Upload in NMLS to TN OR Upload in NMLS: under the Document Type Surety Bond in the Document Uploads section of the Company Form (MU1). Page 5 of 6

6 Tennessee Money Transmitter License Questionnaire/Sales & Permissible Investment Report: Please complete and submit to the Department the provided Questionnaire/Sales & Permissible Investment Report form. Please the completed form to Click to view the report. Financial Statements: If the licensee does not transmit money in Tennessee through more than 4 locations in Tennessee, please upload into NMLS a financial statement certified by the owner or manager of the licensee. The financial statement must include a Balance Sheet, Income Statement, Statement of Changes in Shareholders Equity and a Statement of Cash Flows and all relevant notes thereto. If the licensee transmits money through more than 4 locations in Tennessee, please upload an audited financial statement prepared in accordance with GAAP dated within 90 days of your fiscal year end. The financial statement should include a Balance Sheet, Income Statement, Statement of Changes in Shareholders Equity and a Statement of Cash Flows and all relevant notes thereto. Security Device: Original Continuation Certificate or original surety bond, with power of attorney, showing extended expiration date of December 31, 2018; Or An irrevocable letter of credit showing extended expiration date of December 31, The original surety bonds should be mailed directly to TN at the address listed above. Continuation certificates or riders may be ed to TN or uploaded into NMLS. Renewal Fee: Once your Questionnaire/Sales & Permissible Investment Report has been submitted and the UAAR has been updated in NMLS, the Department will create an invoice through NMLS for the renewal fee amount. to TN NMLS to TN OR Upload in NMLS: under the Document Type Surety Bond in the Document Uploads section of the Company Form (MU1). Invoiced in NMLS Updated 10/19/2017 Page 6 of 6