WASHINGTON, D.C. – (RealEstateRama) — Pursuant to Tenn. Code Ann. § 45-1-118(i), Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today the annual supervision fee for non-depository financial institutions in fiscal year 2016-2017, effective October 14, 2016. The fee is $1,025.00 for mortgage licensees and flexible credit licensees, and $625.00 for all other licensees and registrants, except mortgage loan originators, who will continue to pay a licensing and renewal fee of $100.00 and a sponsorship fee of $100.00.
Each person regulated and supervised by the Department’s Compliance Division, except mortgage loan originators, is assessed an annual supervision fee, which is determined by the Commissioner on an annual basis based on the Department’s annual budget. The supervision fee includes the annual licensing or registration fee and the costs of a routine examination or investigation (actual expenses are still paid for out-of-state examinations and inspections). The supervision fee is paid with the filing of an application, whether new or renewal, and payment of the fee is a condition of obtaining the issuance or renewal of a license or registration.
Gonzales said that this is the second supervision fee determined for non-depository financial institutions under amendments to the Tennessee Banking Act that became effective on July 1, 2015, and that this relatively new fee structure is aiding the Department in implementing its risk-focused examination program for non-depository institutions, furthering the Department’s overarching goal of establishing an appropriate level of regulatory oversight to fulfill the Department’s obligations under the law, but doing so in a manner so as to permit financial institutions to contribute to economic progress and to serve the needs of consumers.