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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 117384
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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If I offer customers a line of credit that they will

Customer Question

If I offer customers a line of credit that they will eventually pay back after a specific amount of payments for a low dollar amount a month for car maintenance (things not covered by traditional car insurance companies) do I have to obtain an insurance license?
Submitted: 1 year ago.
Category: Legal
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
If you will be in the business of lending money in TN, you would need to be licensed through the TN Department of Financial Services as a lender. If the purpose of lending money is for warranty type services as you mentioned, you would also need an insurance license as well under the TN laws. You cannot just lend money in TN as a business without being licensed as a lender at the bare minimum.