Do You Need a State License or Registration?
State licenses or registrations are required for individuals working for state-regulated non-bank entities. If you work for a federally regulated bank or credit union, please see Registration Guide for Federally-Regulated MLOs.
Determining if You Are State or Federally Regulated
Non-bank vs. Bank (non-depository vs. depository).
- Non-bank / non-depository institutions cannot accept monetary deposits from consumers
- Bank / depository institutions are legally allowed to accept monetary deposits from consumers