Section 0180-24-.04 - APPLICATION REQUIREMENT(1) Any person, firm or corporation (other than a bank, savings institution or credit union) seeking to engage in the business of making reverse mortgages may submit to the commissioner a written application for authorization to make reverse mortgage loans.(2) The application required by Chapter 0180-24-.04(1) shall be in letter form and shall include:(a) A nonrefundable application fee of five hundred dollars ($500).(b) A copy of the applicant's license or registration (if applicable) under the Tennessee Residential Lending Brokerage and Servicing Act of 1988 (T.C.A. § 45-13-101 et seq.)(c) The name and complete business address or addresses of the applicant.(d) Evidence that the applicant is an approved HUD lender.(e) A current audited financial statement.(f) If the applicant is a corporation, a copy of its charter and bylaws.(g) A copy of the applicant's lending policies.(h) A resume for each of the applicant's executive officers including the officers' date of birth.(i) A statement as to whether the applicant or any employee of the applicant has been convicted of a felony and, if so, supporting details.(j) A copy of the information to be provided to the borrowers by the lender pursuant to T.C.A. § 47-30-109 and Chapter 0180-24-.05.(k) A sworn, notarized, statement as to the accuracy of the information provided in the application. Such statement shall contain the following or similar language: Having been duly sworn, and under the penalty of perjury, I hereby certify that the information provided to the commissioner in this application is truthful, complete, and correct.
(3)Investigation. The commissioner may conduct an investigation into any aspect of the application as he or she may deem appropriate. This may include but not necessarily be limited to the character, financial condition and past business practices of the applicant and the applicant's officers, directors, employees, or shareholders.Tenn. Comp. R. & Regs. 0180-24-.04
Original rule filed January 31, 1994; effective May 31, 1994. Amendments filed January 17, 2017; effective 4/17/2017.Authority: T.C.A. §§ 45-1-107(h), 47-30-103, 47-30-116, and 47-30-116(a).