Tennessee Senate Bill 4160 became effective on January 1, 2009. Key points of the legislation included:
- New authorization for the Commissioner of Commerce and Insurance to require fingerprints from certain license and registration applicants;
- Amended initial education requirements for mortgage lender, mortgage broker, mortgage servicer, and mortgage loan originator license and registration applicants;
- New disclosure requirements for stockholders owning ten percent (10%) or more of outstanding capital stock; and
- Provisional authorization for mortgage loan originators to conduct business while awaiting registration approval from the Commissioner.
