The Tennessee Department of Financial Institutions recently announced its 2020-2021 annual supervision fees for non-depository financial institutions. The new fees are effective as of November 1, 2020, and are as follows:
- $1,000 for mortgage licensees and flexible credit 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 (actual expenses are still paid for out-of-state examinations and inspections). The supervision fee is paid with the filing of an application and is required to obtain the issuance or renewal of a license or registration.