Flexible Credit Lenders

Flex loan means a loan pursuant to a written agreement 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 the term; and (C) are subject to prepayment in whole or in part at any time without penalty.  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.

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.
  • Applicants must undergo a fingerprint criminal background check conducted through the Tennessee Bureau of Investigation (TBI) and the Federal Bureau of Investigation (FBI). Click HERE for fingerprint instructions and required company control persons.
  • Surety Bond in the amount of $25,000 per location (but not exceeding $200,000)
    • Click HERE for surety bond template.

 

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

 
Licensing Contact Information