Deferred Presentment services means a transaction pursuant to a written agreement involving the following combination of activities in exchange for a fee: (A) Accepting a check dated on the date it was written; and (B) Holding the check for a period of time prior to presentment for payment or deposit. No person shall engage in the business of Deferred Presentment Services without having first obtained a license. A separate license shall be required for each location (branch) from which the business is conducted.
Payday Lending – Online, No person shall engage in the business of deferred presentment services in this state through the use of the internet, facsimile, telephone, or other means without having first obtained a license.
A person shall be deemed to be engaged in the business of deferred presentment services in this state, if the person induces a consumer, while located in this state, to enter into a deferred presentment services transaction in this state.
APPLICATION and REQUIREMENTS:
All Deferred Presentment license applications, amendments, and renewal filings must be made through the Nationwide Mortgage Licensing System & Registry (NMLS). Click HERE to access NMLS.
- Click HERE to access the TN Deferred Presentment License Requirements Checklist in NMLS.