The Tennessee Department of Financial Institutions recently announced its 2021-2022 annual supervision fees for non-depository financial institutions. The new fees are effective as of November 1, 2021, and are as follows:
- $1,000 for flexible credit licensees and mortgage licensees; and
- $600 for check cashing licensees, deferred presentment licensees, premium finance licensees, industrial loan and thrift registrants, and title pledge licensees.
In addition, money transmission licensees will continue to pay licensing and examination fees based on the applicable statute. Mortgage loan originators will continue to pay a licensing and renewal fee of $100 and a sponsorship fee of $100.
The annual supervision fee includes 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 (institutions are still required to pay actual expenses for out-of-state examinations and inspections). Institutions pay the supervision fee when filing an application and the supervision fee is required to obtain the issuance or renewal of a license or registration.