Tennessee Moves to NMLS for Title Pledge Lenders

Apply and Renew Licenses Online

Title Pledge Lender LicenseOn Aug. 1, 2017, the Tennessee Department of Financial Institutions will start using the Nationwide Multistate Licensing System (NMLS) to manage all Title Pledge Lender Licenses under the Tennessee Title Pledge Act. The Department will no longer accept applications directly after July 31, 2017.

Tennessee Title Pledge Lenders will be able to apply for, amend and renew licenses safely online through the NMLS.

A Title Pledge Lender is defined as “Any person engaged in the business of making title pledge agreements or property pledge agreements with pledgers.”

Each company must create a company record in the NMLS system, both for the company and for each branch license. Once a company has access to the NMLS, the following forms need to be submitted before Sept. 29, 2017:

  • Company Application for Licensed Companies
  • Biographical Statement and Consent Form for Licensed Companies for each Control Person
  • Branch Application for Licensed Companies for each Licensed Branch

The NMLS Checklist includes obtaining a Surety Bond or Letter of Credit:

  • Bond amount of $25,000 for each location
  • Applicant must mail the original Surety Bond or Letter of Credit to the Tennessee Department of Financial Institutions
  • Surety Bonds are for one-year terms and must be renewed annually
  • The total bond for a single license shall not exceed $200,000

 

SuretyGroup.com is licensed to write Tennessee Title Pledge Lender License Surety Bonds. Contact us for a free, no-obligation quote.  Apply online at SuretyGroup.com, email info@suretygroup.com or call our Surety Bond Specialists at 844-432-6637.

 

SuretyGroup.com – Your Online Bond Provider.

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