Tennessee Announces 2018-2019 Annual Supervision Fee

Weiner Brodsky Kider PC

Weiner Brodsky Kider PC

The Tennessee Department of Financial Institutions has announced its 2018-2019 annual supervision fee for non-depository financial institutions.  The new fees are effective November 1, 2018, and are as follows:

  • $1,025 for flexible credit licensees and mortgage licenses; and
  • $625 for check cashing licensees, deferred presentment licensees, premium finance licensees, industrial loan and thrift registrants, and title pledge licensees.

In addition, under the new fee structure, mortgage loan originators will continue to pay a licensing and renewal fee of $100 and a sponsorship fee of $100.  Money transmission licensees will also continue to pay licensing and examination fees based on the applicable statute.

The annual supervision fee covers the annual licensing or registration fee and the costs of a routine examination or investigation for persons regulated and supervised by the Department of Financial Institutions’ Compliance Division.  The fee is paid with the filing of an application, and is required to obtain the issuance or renewal of a license or registration.

The announcement is available here.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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