(a) The application for a license under § 45-13-201(a) shall be in writing, under oath and in the form prescribed by the commissioner and shall contain the following:

Terms Used In Tennessee Code 45-13-202

  • Branch manager: means the individual whose principal office is physically located in, who is in charge of and who is responsible for the business operations of a branch office of a mortgage lender or mortgage loan broker licensed under this chapter. See Tennessee Code 45-13-105
  • Commissioner: means the commissioner of financial institutions or the commissioner's designated representative. See Tennessee Code 45-13-105
  • Control: means possession, direct or indirect, of the power to direct or cause the direction of management and policies of a person, whether through the ownership of voting securities by contract or otherwise. See Tennessee Code 45-13-105
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Grantor: The person who establishes a trust and places property into it.
  • Individual: means a natural person. See Tennessee Code 45-13-105
  • License: means a license issued to a mortgage lender, mortgage loan broker, mortgage loan servicer or mortgage loan originator under this chapter, as applicable. See Tennessee Code 45-13-105
  • Managing principal: means an individual who agrees to be primarily responsible for the operations of a licensed mortgage lender or mortgage loan broker. See Tennessee Code 45-13-105
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage lender: means any person who makes a residential mortgage loan or holds the person out as able to make a residential mortgage loan. See Tennessee Code 45-13-105
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Mortgage loan broker: means any person who for compensation or other gain, paid directly or indirectly, or in expectation of compensation or other gain, solicits, places, negotiates or originates a residential mortgage loan for another person or offers to solicit, place, negotiate or originate a residential mortgage loan for another person or who closes a residential mortgage loan that may be in the mortgage loan broker's own name with funds provided by another person and which loan is thereafter assigned to the person providing the funding of the loan, regardless of whether the acts are done directly or indirectly, through contact by telephone, by electronic means, by mail or in person with the borrower or borrowers or potential borrower or borrowers. See Tennessee Code 45-13-105
  • Mortgage loan servicer: means any person who, in the regular course of business, assumes responsibility for servicing and accepting payments for a residential mortgage loan. See Tennessee Code 45-13-105
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means an individual, sole proprietorship, corporation, limited liability company, partnership, trust, association or any other legal entity, however organized. See Tennessee Code 45-13-105
  • Service of process: The service of writs or summonses to the appropriate party.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(1) The name and principal business address in this state of the applicant, the principal business address, if any, outside of this state of the applicant and all addresses within this state at which the applicant is conducting or intends to conduct business;
(2) If the applicant is other than a corporation, the form of the legal entity, such as sole proprietorship, general partnership, limited partnership, joint venture, trust or other legal entity, and the name and address, as applicable, of the sole proprietor, general partner or partners, joint venturer, grantor or other principal, as may be defined by and required by the commissioner;
(3) If the applicant is a corporation, the name and address of each executive officer and each director, the registered agent for service of process and each stockholder owning or controlling through voting trust or other agreement ten percent (10%) or more of the outstanding capital stock of the corporation;
(4) Whether the applicant seeks licensure as a mortgage lender, mortgage loan broker, mortgage loan servicer or any combination of mortgage lender, mortgage loan broker and mortgage loan servicer; and
(5) Other information that the commissioner may reasonably request pertaining to the activities of the applicant as a mortgage lender, mortgage loan broker or mortgage loan servicer.
(b) As a condition of licensure under this section, the commissioner may by rule require that each individual who is an officer, partner, managing member, managing principal or branch manager, or possesses control of the applicant as defined in § 45-13-105, or any other individual associated with the applicant as is reasonably necessary to meet the purposes of this chapter, successfully complete prelicensure testing or education courses, or both, approved by the commissioner. This subsection (b) shall not apply to renewals of existing licenses.
(c) The commissioner is authorized to require an applicant for a license under § 45-13-201(a) to consent to a criminal history records check and to provide with the application fingerprints in a form acceptable to the commissioner. The commissioner may require the consent and fingerprints from any individual who is an officer, partner, managing member, managing principal, branch manager or ultimate equitable owner of ten percent (10%) or more of the applicant, as well as from any other individual associated with the applicant as is reasonably necessary to meet the purposes of this chapter. No application shall be deemed complete until the consent and fingerprints have been submitted, and the refusal of any person to consent to a criminal history records check or to provide fingerprints as allowed by this subsection (c) constitutes grounds for the commissioner to deny licensure to the applicant.
(d)

(1) Any criminal history records check conducted under subsection (c) shall be conducted by the Tennessee bureau of investigation or the federal bureau of investigation, or both, and the results of the criminal history records check shall be forwarded to the commissioner. The reasonable costs incurred in conducting the criminal history records check shall be paid by the applicant, in addition to any other fees required by this section.
(2) Notwithstanding § 45-13-502 or any other provision in this chapter, the commissioner shall not use a multi-state automated licensing system to share federal bureau of investigation criminal history background information of any individual other than mortgage loan originators, unless authorized to do so by the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 ( 12 U.S.C. §§ 5101– 5116 ), as amended, or other federal law.
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