Tennessee Mortgage License for Buying Notes?

[Chris Eaker]

According to Tennessee law, anyone in Tennessee who makes mortgages has to be licensed unless that person is making a mortgage on a house they own or making a mortgage to a family member. The license is $1,129 and you have to have at least 1 year experience in the industry. I do not see any exemptions for people wanting to do, say, one or two hard money loans per year from their IRA. No exemptions for business mortgages. I checked with the attorney for the TN Department of Financial Institutions and she confirmed it. So I see no way to loan money as an investment in TN without a license. If you know a way, please let me know.

My question is does a person have to have a license to buy an already existing note in TN?

Maybe @Victor Jernigan has some information on this situation? I ask because I have IRA money that I'd love to lend, but I do not have the minimum 1-year experience nor do I want to pay the $1,129 for the license. What are my options?