Licensing Process Overview for Companies

Provides a high-level overview of the steps for obtaining a state license or registration through NMLS.

Companies maintain a single core record in NMLS through the Company (MU1) Form. This record is supplemented by Individual (MU2) Forms for control persons, executive officers, and qualifying individuals, and by Branch (MU3) Forms for branch offices. The licensing process is completed by submitting coordinated filings through NMLS and responding to regulator requests.

1. Gathering Requirements

Before creating an MU1 filing, companies should review requirements using the State Licensing Checklist Compiler. State requirements may include financial statements, surety bonds, and other supporting documentation.

2. Preparing the Company (MU1) Form

The MU1 Form establishes the company’s core record. Companies must provide information such as legal name, main and branch addresses, business activities, and contact details.

3. Adding Individuals (MU2 Forms)

Individuals serving as control persons, executive officers, or qualifying individuals must be identified in the MU1 filing. Each person completes and attests to a linked MU2 Form in NMLS.

4. Adding Branches (MU3 Forms)

If the company operates multiple locations, an MU3 Form must be filed for each branch conducting licensed activities.

5. Submission and Fees

After completing all required sections, the company attests to and submits the MU1 filing through NMLS, paying all applicable system and state fees. See NMLS Processing Fees for details.

6. Regulator Review

State regulators review the filing and issue license items in NMLS for the company to address, such as requests for additional documentation or clarifications.

7. Approval

When all requirements are satisfied, the regulator approves the license application. The license appears in NMLS and becomes active, allowing the company to conduct business in the approved jurisdiction(s).

8. Continuing Obligations and Renewal

Licensed companies must maintain their records in NMLS by filing amendments when information changes, completing required reports, and renewing their licenses annually during the Renewal Period (November 1–December 31).