Who needs to register?
Under Tennessee statute, 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 by any and all means, including payment instrument, wire, facsimile, or electronic transfer, must obtain a money transmitter license.
Who is the regulator?
Tennessee Department of Financial Institutions
What are the money transmitter license requirements?
Registering as a money transmitter in the state of Tennessee requires the following fees and documentation:
- Name and address of applicant, place of business, and where business records are kept
- Business or business transactions, if any, at same location as the principal business address
- Applicant’s organizational structure
- Other states where applicant is operating in the business of money transmission; applicant’s current activities there along with a history of operations
- If applicant has ceased engaging in the money transmission business in any state, description of the circumstances
- Description of all activities conducted by the applicant and a history of operations
- Description of the business activities in which the applicant seeks to be engaged in the state
- Payment instruments that are to be sold or issued
- Name, address and phone number of surety company
- Number of employees and employer’s identification number
- Number of reports filed during the last twelve months
- All authorized agents in the state, sample authorized agent contract
- Sample form of each type of payment instrument
- Name, business and home address and a chronological summary of the employment history and business experience over the preceding ten years of the proprietor (if applicant is an individual), every member (if partnership), or each executive officer, director and key shareholder (if a joint stock association or corporation)
- Summary of any person in a position to exercise control over or direction of the applicant’s business
- Date and state of formation/incorporation
- Certificate of good standing from the state in which the applicant was incorporated or formed
- Corporate structure of the applicant, including the identity of any parent or subsidiary of the applicant, and whether any parent or subsidiary is publicly traded on any stock exchange
- Copy of the applicant’s unconsolidated audited financial statements for the current year and, if available, the immediately preceding three-year period
- Name and address of the registered agent for service of process
- Place and date of the applicant’s qualification to do business in this state
- Copy of the applicant’s audited financial statement for year and preceding two-years
What are the general bonding requirements?
General bonding requirements for the state of Tennessee include a $50,000 bond plus $10,000 for each additional location, not amounting to more than $800,000.
Disclaimer: Information provided by Shipkevich, PLLC and any of its affiliated web pages is for general educational purposes only, and should not be taken as legal advice.