Tennessee Modifies Provisions Regarding Banks and Financial Institutions
Effective April 8, 2016, the State of Tennessee amends House Bill 1546, Title 45, Chapter 5 and Title 45, Chapter 13 an act relating to licensure of mortgage loan professionals. Tennessee Code Annotated, section 45-5202(h) is relabeling the existing language as subdivision (1), and also adding more language as a new subdivision.
The following will be added to subdivision (12 U.S.C. §§ 5101—5116):
The subdivision states that regardless of any other language in this chapter, the Commissioner of Financial Institutions is prohibited from using multi-state automated licensing services to share the FBI’s criminal history of anyone other than mortgage loan originators. However, should any Federal law, The SAFE Mortgage Licensing Act, or if the FBI authorizes the Commissioner to share the criminal history of a non-mortgage loan originator, then that information may be shared.
Anna DeSimone founded Bankers Advisory in 1986 and is a nationally recognized authority in residential mortgage lending. She has received numerous industry awards and has authored more than 40 best practices guides and hundreds of articles.
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