In Tennessee, those selling or issuing payment instruments or engaging in the business of receiving money for transmission or transmitting money within the U.S. or abroad must obtain a License. The regulatory body of Tennessee Money Transmitter License (TMTL) is the Department of Financial Institutions, Tennessee.
What are the requirements to apply for Tennessee Money Transmitter License?
Important documents required for Application
- Bank Account Details
- List of Qualifying individuals
- Unconsolidated audited financial statements for the preceding 3 years. Most recent audited financial statement for the parent company.
- Earnings explanation
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Qualification to do Business in Tennessee
- Payment Instrument Samples
- Management Chart and Organisational Chart showing ownership percentage
- Employee information
- Information on any other business activity
- Information on other state money transmitter application/ license
- Anti- Money Laundering and Bank Secrecy Policy
- Previous Money Transmission Activity: Tennessee and General
- Accounting and Auditing Methods
- Fee Structure for activities
- Internal Audit Information
- Background Information for Non-corporate Applicant
- Company Formation Documents
- Authorized Agent Locations
- Registration with FinCEN as a Money Services Business
- Surety bond
The documentation required will vary from applicant to applicant.
What is the process for obtaining a Tennessee Money Transmitter License?
To apply for a TMTL, the applicant has to register with the Nationwide Multistate Licensing System and Registry (NMLS). In NMLS, the applicant has to complete a Company Account Request Form and identify a Primary Account Administrator and a Secondary Account Administrator. Documents have to be uploaded on the NMLS website and certain documents have to be mailed. The license is issued for a period of one year and has to be renewed by 15 April every year. No time limit is provided for processing.
How much does it cost to obtain a Tennessee Money Transmitter License?
The Application Fee is &250 for 4 or fewer locations or $500 for 5 or more agent locations (Non-refundable). $100 NMLS processing fee. Renewal Fee is $50 per office if operating less than 4 locations or $500 for 5 office plus $12 for any additional office or agent. The net worth minimum is $100,000 to be maintained at all times. An additional net worth of $25,000 for each location or agent located in this state to a maximum of $500,000. Surety Bond is from a minimum of $ 50,000 to a maximum of $800,000. Legal Fees vary between $8,000-$12,000.
Empire Global has a team of experienced professionals who will assist you through the entire process of Tennessee Money Transmitter License application including assistance in the preparation of documents, submission of application and responding to any queries. We request you to get in touch with Empire Global at the earliest to understand the entire process in detail and apply for a Tennessee Money Transmitter License.