MSB License Regulation in Tennessee

Regulator of MSB license in Tennessee

Tennessee Department of Financial Institutions.

Documents required for application:

• Name, address, and business records location of the applicant
• Organizational structure of the applicant
• Description of activities conducted and history of operations
• Description of business activities in Tennessee
• Payment instruments to be sold or issued
• Surety company information
• Employee count and employer identification number
• List of authorized agents and sample contracts
• Sample forms of payment instruments
• Employment history of key personnel
• Corporate structure and parent/subsidiary details
• Audited financial statements
• Registered agent information
• Date and state of formation/incorporation
• Audited financial statements for current and previous years

Cost Involved

• Application fees
• Filing fees
• General Bonding Requirements:
• $50,000 bond plus $10,000 for each additional location, up to $800,000

Process of application

• Register with FinCEN: Ensure your business is registered with the Financial Crimes Enforcement Network (FinCEN).
• Start NMLS Application: Begin your application process through the Nationwide Multistate Licensing System (NMLS).
• Read Requirements: Familiarize yourself with the license requirements on the NMLS website.
• Prepare Documents: Gather all necessary documents such as financial statements and business plans.
• Upload Documents: Submit your application along with all required documents through the NMLS platform.
• Pay Fees: Pay any applicable fees as required.
• Wait for Approval: Await approval, which typically takes around five to six months.