Login to NMLS
   
Skip Navigation Links
State Licensing Requirements
Common Requirements
Annual Renewal
Advance Change Notice
Electronic Surety Bond
Financial Statements
Policy
Professional Standards
Mortgage Call Report
Money Services Businesses Call Report
Uniform Authorized Agent Reporting
Resources & Support
Quick Guides - Company
Quick Guides - Individual
Report Samples
NMLS Call Center Information
Account Administration
Policy/Help Documents
NMLS Expanded Industries

 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Consumer Installment Loan License See the Consumer Installment Loan Act for more information. (More Details)
Consumer Installment Loan Registration Companies whose main office location will NOT be engaging in Illinois consumer installment loan activity should submit the Company Form (MU1) for the IL Consumer Installment Loan Registration. Additional licensed locations should be designated as a “Branch" by submitting the Branch Form (MU3) for the IL Consumer Installment Loan Branch License See the New Application Checklist or the Transition to NMLS Checklist for more information.
Debt Management License Any person or entity licensed as a Debt Management Service with the Illinois Department of Financial and Professional Regulation (IDFPR) and proposes to operate from an additional location(s) in the state of Illinois, or service residents of Illinois from any additional location(s) outside the state of Illinois. This license should only be applied for by a company that holds or is applying for Debt Management Service Act license. The Debt Management Service Act (205 ILCS 665) requires separate applications shall be made for each location conducting business with Illinois residents.
Debt Settlement Consumer Protection License Any person or entity engaging in, or holding itself out as engaging in, the business of providing debt settlement service in exchange for any fee or compensation, or any person who solicits for or acts on behalf of any person or entity engaging in, or holding itself out as engaging in, the business of providing debt settlement service in exchange for any fee or compensation. Debt settlement service is defined under the Debt Settlement Consumer Protection Act (225 ILCS 429).
Exempt Company Registration This registration is available for any company that employs state-licensed mortgage loan originators, but is not required to be licensed as an Illinois Residential Mortgage Licensee under the laws of Illinois. Please consult the state regulator before applying for this registration.
Exempt Entity Insurance Registration Entities or companies exempt from licensing in Illinois and qualifying under Public Act 98-0492 and that have an exclusive written contract with individuals required to be licensed under 205 ILCS 635/7-1A must register their company with the Illinois Department of Financial and Professional Regulation through NMLS by filing a Form MU1. (More Details)
Money Transmitter License See (205 ILCS 657/) Transmitters of Money Act for more information. Also see Title 38: Financial Institutions Chapter I: Department Of Financial Institutions Part 205 Transmitters Of Money Act. (More Details)
Pawnbroker License See the Pawnbroker Regulation Act for more information. (More Details)
Pawnbroker Registration Companies whose main office location will NOT be engaging in Illinois Pawnbroker activity should submit the Company Form (MU1) for the IL Pawnbroker Company Registration. Additional licensed locations should be designated as a “Branch" by submitting the Branch Form (MU3) for the IL Pawnbroker Branch License See the New Application Checklist or the Transition to NMLS Checklist for more information.
Payday Reform License See the Payday Loan Reform Act for more information. (More Details)
Payday Reform Registration Companies whose main office location will NOT be engaging in Illinois consumer installment loan activity should submit the Company Form (MU1) for the IL Payday Reform Registration. Additional licensed locations should be designated as a “Branch" by submitting the Branch Form (MU3) for the IL Payday Reform Branch License See the New Application Checklist or the Transition to NMLS Checklist for more information.
Residential Mortgage License This License is required for any person (sole proprietorship), partnership, association, corporation or other entity to engage in the business of brokering, funding, originating, servicing or purchasing residential mortgage loans on residential real estate situated in Illinois as subject to the Illinois Residential Mortgage License Act of 1987 (the “RMLA”) and the rules promulgated under the RMLA (the “RMLA Rules”). (More Details)
Sales Finance Agency License See the Sales Finance Agency Act for more information. (More Details)
Sales Finance Agency Registration Companies whose main office location will NOT be engaging in Illinois consumer installment loan activity should submit the Company Form (MU1) for the IL Sales Finance Agency Registration. Additional licensed locations should be designated as a “Branch" by submitting the Branch Form (MU3) for the IL Sales Finance Agency Branch License See the New Application Checklist or the Transition to NMLS Checklist for more information.
Student Loan Servicer See the Student Loan Servicing Rights Act for more information. (More Details)
Branch Licenses Description Requirements Checklist
Additional Full Service Office License (Branch) This License is required for any office located in Illinois that is not the Licensee’s corporate office and is advertised or offered to consumers as a location for the conduct of any mortgage broker activities and as subject to the RMLA and RMLA Rules.
Consumer Installment Loan Branch License See the Consumer Installment Loan Act for more information. (More Details)
Debt Management Branch License This license should only be applied for by a company that already holds a license under the Debt Management Service Act (205 ILCS 665) and intends to operate from a separate location(s) OR is applying for a Debt Management License and intends to provide debt management service to Illinois’ residents at an additional location(s) under the same Debt Management License name.
Debt Settlement Consumer Protection Branch License Any person or entity licensed as a Debt Settlement service with the Illinois Department of Financial and Professional Regulation (IDFPR) and proposes to operate from an additional location(s) in the state of Illinois, or service residents of Illinois from any additional location(s) outside the state of Illinois. This license should only be applied for by a company that also holds or is applying for Debt Settlement Consumer Protection Act license. The Debt Settlement Consumer Protection Act (225 ILCS 429/25) requires separate applications shall be made for each location conducting business with Illinois residents.
Exempt Branch Insurance Registration Any entity or company exempt from licensing in Illinois and qualifying under Public Act 98-0492 and that sponsors licensed mortgage loan originators operating in Illinois from one or more non-corporate (branch) office sites. (More Details)
Pawnbroker License See the Pawnbroker Regulation Act for more information. (More Details)
Payday Reform Branch License See the Payday Loan Reform Act for more information. (More Details)
Sales Finance Agency Branch License See the Sales Finance Agency Act for more information. (More Details)
Individual Licenses Description Requirements Checklist
Mortgage Loan Originator License This License is required for an individual who, for compensation or gain or in the expectation of compensation or gain, takes a residential mortgage loan application, or offers or negotiates terms of an Illinois residential mortgage loan. Note: individuals must be employed by an Illinois residential mortgage licensee, may be employed by no more than one Illinois residential mortgage licensee at a time, and all individuals meeting the definition must be licensed including owners of entities with Illinois residential mortgage licenses. (More Details)
Temporary Military Mortgage Loan Originator License This license is available if you are a service member or the spouse of a service member, defined as any person who, at the time of application, is an active duty member of the United States Armed Forces or the National Guard of any state, commonwealth, or territory of the United States or the District of Columbia or whose active duty service concluded within the preceding 2 years before application, pursuant to Civil Administrative Code of Illinois 20 ILCS 5/5-715.
 

©2019 SRR LLC       Terms of Use  |  Privacy Notice  |  SRR Home