Introduction

In Tennessee, businesses that charge a fee to cash checks must be licensed by the Tennessee Department of Financial Institutions (TDFI). Whether you’re a dedicated check cashing business or a retail operation offering check cashing, obtaining a Check Casher License is mandatory to legally provide this service in the state.

 

Licensing Requirements

To apply for a Check Casher License in Tennessee, you’ll need to:

• Apply through the NMLS.

• Submit a detailed business plan and financial statements.

• Provide background checks and criminal history for owners and controlling individuals.

• Submit proof of your physical business location.

• Submit a copy of your compliance program, including anti-fraud and record-keeping procedures.

Additionally, your business must comply with Tennessee’s consumer protection laws and ensure transparent operations.

​

Regulations and Compliance

Tennessee has comprehensive regulations for check cashers to protect consumers:

• You must post check cashing fees prominently in your store.

• Every transaction must be recorded, and receipts must be provided to customers.

• Customer identity must be verified using government-issued identification.

• You must maintain detailed transaction records and adhere to all state and federal consumer protection laws.

• The TDFI conducts periodic audits to ensure that businesses comply with these regulations.

 

Processing Time

Once your application is complete and submitted, the typical processing time for a Tennessee Check Casher License is 6 to 8 weeks, depending on the complexity of the application and the time taken to provide any required documents.

 

How We Can Help

Our firm makes the process easy and ensures you comply with all Tennessee requirements. We offer:

• Full preparation and filing of your NMLS application.

• Tailored compliance programs specific to Tennessee regulations.

• Guidance on background checks and ensuring proper documentation.

We take the guesswork out of the process so you can focus on operating your business.

 

FAQs

Q: How long does the license last?
A: The license must be renewed annually. We’ll remind you of the renewal process so you don’t miss any deadlines.

 

Q: Can my business operate without a license while waiting for approval?
A: No. You must have your license approved before offering check cashing services.