Money Transmitter
Tennessee Code Annotated 45-7-110(a) provides that, a person shall not engage in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission, unless the person is licensed under this chapter.
Tennessee Code Annotated 45-7-103(20) Money transmission:
(A) Means:
(i) Selling or issuing payment instruments to a person located in this state;
(ii) Selling or issuing stored value to a person located in this state;
(iii) Receiving money for transmission from a person located in this state; or
(iv) Payroll processing services; and
(B) Does not mean the provision solely of telecommunications services or network access.
APPLICATION and REQUIREMENTS:
All Money Transmitter 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 Money Transmitter License Requirements Checklist in NMLS.
MONEY TRANSMISSION MODERNIZATION ACT MEMO
~~~~Virtual Currency Statement of Policy~~~~ The Tennessee Department of Financial Institutions does not regulate virtual currency. Tennessee’s Money Transmitter License and the required surety bond do not cover the transmission of virtual currency. However, any company that offers to exchange, administer, or maintain virtual currencies for sovereign currency may be subject to state regulation and licensing as well as federal regulation.
Licensing Contact Information
Email: TDFI.licensing@tn.gov
Phone: (615) 253-6714
Fax: (615) 253-7794