State agencies are expanding their use of NMLS to manage license authorities beyond the mortgage industry. See the list below which shows state agencies that have indicated such an interest or see map for details. Hyperlinked states have announced specific license authorities to be managed.
Enhancements will be implemented in NMLS April 2012 allowing state agencies to begin managing license authorities from a wide range of non-depository, financial services related businesses. Each state agency will communicate directly with affected licensees the details of their use of NMLS and the requirements for transitioning licenses onto NMLS. Information necessary to comply with state requirements will be available in a timely manner. As agencies identify the specific license authorities to be managed, they will be posted to this page.
At this point, in addition to stating the state agencies that have indicated an interest in participating in expansion, the following information is available:
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The NMLS licensing forms have been updated and will be implemented in the system in April 2012. Specifically, the company and branch forms will include a more developed Business Activities section. For more details, including a working draft of definitions for the business activities, see
New Forms.
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About 11 state agencies are contemplating managing the following license authorities this year: Sales Finance, Debt Adjustors, Debt Collectors, Debt Management Companies, Small Loan Lenders, Check Cashers, Currency Exchangers, Money Transmitters, Payday Lenders and Pawnbrokers.
- License authorities may include corporate and branch license authorities.
- For money transmitters, Authorized Agents/Authorized Delegates will NOT be managed using the NMLS Branch Licensing Form. State regulators are working on separate functionality to manage the reporting of these Agents/Delegates in a uniform manner.
- NMLS Processing Fees will only be charged at renewal (not at application or transition) for license authorities that do not include the ability to originate, fund, or service mortgages.
- Licensing standards and requirements will continue to be determined by state law.