Flexible Credit Lenders

Tennessee Code Annotated § 45-12-103(a) provides that, no person shall engage in the business of making flex loans unless the person is licensed to make flex loans pursuant to this chapter. A person shall be deemed to be engaged in the business of making flex loans in this state if the person induces a consumer, while located in this state, to enter into a flex loan plan in this state through the use of the internet, facsimile, telephone, or other means. A separate license shall be required for each location from which the business of making flex loans is conducted.

Tennessee Code Annotated § 45-12-102(5) “Flex loan” means a loan made pursuant to a flex loan plan.

Tennessee Code Annotated § 45-12-102(6) “Flex loan plan” means a written agreement subject to this chapter between a licensee and a customer establishing an open-end credit plan under which the licensee contemplates repeated noncommercial loans for personal, family, or household purposes, that:
          (A) May be unsecured or secured by personal property;
          (B) May be without fixed maturities or limitation as to the length of term; and
          (C) Are subject to prepayment in whole or in part at any time without penalty;

APPLICATION AND REQUIREMENTS:

All Flexible Credit 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 Flexible Credit License Requirements Checklist in NMLS.

Licensing Contact Information

Email: TDFI.licensing@tn.gov
Phone: (615) 253-6714
Fax: (615) 253-7794