(a) To establish consistent licensing between this state and other states, the commissioner is authorized to:

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Terms Used In Tennessee Code 45-7-111

  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-7-103
  • NMLS: means the Nationwide Multistate Licensing System and Registry developed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators and owned and operated by the State Regulatory Registry, LLC, or any successor or affiliated entity, for the licensing and registration of persons in financial services industries. See Tennessee Code 45-7-103
  • 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) Implement all licensing provisions of this chapter in a manner that is consistent with other states that have adopted this chapter or multistate licensing processes; and
(2) Participate in nationwide protocols for licensing cooperation and coordination among state regulators; provided, that such protocols are consistent with this chapter.
(b) In order to fulfill the purposes of this chapter, the commissioner is authorized to establish relationships or contracts with NMLS or other entities to enable the commissioner to:

(1) Collect and maintain records;
(2) Coordinate multistate licensing processes and supervision processes;
(3) Process fees; and
(4) Facilitate communication between this state and licensees or other persons subject to this chapter.
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