Tennessee Department of Financial Institutions Commissioner Greg Gonzales has announced the annual supervision fee for non-depository financial institutions for the fiscal year 2024-2025, which will take effect on November 1, 2024. This fee structure is mandated by Tenn. Code Ann. § 45-1-118(i).
For the upcoming fiscal year, the supervision fee is set at $1,550.00 for money transmission licensees, $1,150.00 for flexible credit and mortgage licensees, and $750.00 for check cashing licensees, deferred presentment licensees, premium finance licensees, industrial loan and thrift registrants, and title pledge licensees. Mortgage loan originators will continue to pay a licensing and renewal fee of $100.00 in addition to a sponsorship fee of $100.00.
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The supervision fee applies to all entities regulated and supervised by the Department’s Compliance Division, excluding mortgage loan originators. It comprises the annual licensing or registration fee and the costs associated with a routine examination. Payment of this fee is required when filing an application, whether it is new or a renewal, and is a condition for obtaining or renewing a license or registration.
Commissioner Gonzales emphasized that the fee structure supports the Department’s risk-focused program for non-depository institutions. This initiative aims to establish a suitable level of regulatory oversight that fulfills legal obligations while enabling financial institutions to contribute to economic progress and meet consumer needs.
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Tennessee Sets Interest Rate at 12%
The Tennessee Department of Financial Institutions has set the state’s maximum formula interest rate at 12% annually, under Commissioner Greg Gonzales. This rate is 4% above the current prime loan rate of 8% as published by the Federal Reserve. The rate will remain until updated by the Federal Reserve, following Chapter 464, Public Acts of 1983. For further details, contact Alica Owen, Public Information Officer.