Kansas Agencies Required to Switch to NMLS

License transition requests for supervised loan licensees in Kansas must be submitted by Oct. 1, 2020.

6/10/2020 11:00 AM

COVID-19NewsStateAdvocacy
Kansas Agencies Required to Switch to NMLS

Companies holding the Kansas Supervised Loan (SL) license are now required to submit a license transition request through the Nationwide Multistate Licensing System (NMLS), according to an announcement from the Kansas Office of the State Bank Commissioner (OSBC.)

To submit a license transition request, licensees must complete Company Form (MU1) and an Individual Form (MU2) for each of their control persons before Oct. 1, 2020.

Instructions for the company form are available here.

According to the Kansas OSBC announcement:

Each company holding a SL License must create a company record in the NMLS system, both for the company itself and for each branch holding a SL License. Once the company and branch forms have been completed, they may be submitted electronically through NMLS to the OSBC between now and Oct. 1, 2020.

Transition Checklist on NMLS
The OSBC has prepared a NMLS Company Transition Checklist and a NMLS Branch Transition Checklist to guide licensees through this process. The Company Transition Checklist and the Branch Transition Checklist can be found on NMLS.

The OSBC notes that if you have submitted these forms to another state, then you do not need to re-enter your company or branch records into NMLS. Licensees will only need to identify the appropriate license type in Kansas and complete a few state-specific fields.

Surety Bond Conversion to an Electric Surety Bond (ESB)

The OSBC previously required all companies on NMLS to utilize an ESB. Licensees will be required to convert their surety bond to an ESB by a later date.  Additional guidance will be provided by the OSBC for completing this step.

Fees

NMLS will annually charge a processing fee of $100 per company license, and $20 per licensed branch location renewed through the system. There is no processing fee for submitting a new application or transitioning an existing license onto NMLS. The NMLS Resource Center provides step-by-step instructions on how to access the system, guides on how to complete the forms, each state’s transition checklists and requirements, tutorials, current and future participating agencies, system alerts, system processing fees, and general background information.

For questions related to the NMLS or filing out the NMLS forms, please contact the NMLS Call Center at 1-855-NMLS-123 (1-855-665-7123).

If you have any questions about the Kansas requirements, feel free to contact Karla Meyer at (785)296-1365 or Kelly McPeak at (785)296-1879 or by email at licensing@osbckansas.org

If your company is unable to complete this transition at this time due to the COVID-19 pandemic, please contact the Director of Licensing at (785)296-1879 or licensing@osbckansas.org.

For more information on how the ACA Licensing staff can assist with your licensing needs, please contact us at Licensing@acainternational.org or call (952) 926-6547.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

Kansas Agencies Required to Switch to NMLS

Companies holding the Kansas Supervised Loan (SL) license are now required to submit a license transition request through the Nationwide Multistate Licensing System (NMLS), according to an announcement from the Kansas Office of the State Bank Commissioner (OSBC.)

To submit a license transition request, licensees must complete Company Form (MU1) and an Individual Form (MU2) for each of their control persons before Oct. 1, 2020.

Instructions for the company form are available here.

According to the Kansas OSBC announcement:

Each company holding a SL License must create a company record in the NMLS system, both for the company itself and for each branch holding a SL License. Once the company and branch forms have been completed, they may be submitted electronically through NMLS to the OSBC between now and Oct. 1, 2020.

Transition Checklist on NMLS
The OSBC has prepared a NMLS Company Transition Checklist and a NMLS Branch Transition Checklist to guide licensees through this process. The Company Transition Checklist and the Branch Transition Checklist can be found on NMLS.

The OSBC notes that if you have submitted these forms to another state, then you do not need to re-enter your company or branch records into NMLS. Licensees will only need to identify the appropriate license type in Kansas and complete a few state-specific fields.

Surety Bond Conversion to an Electric Surety Bond (ESB)

The OSBC previously required all companies on NMLS to utilize an ESB. Licensees will be required to convert their surety bond to an ESB by a later date.  Additional guidance will be provided by the OSBC for completing this step.

Fees

NMLS will annually charge a processing fee of $100 per company license, and $20 per licensed branch location renewed through the system. There is no processing fee for submitting a new application or transitioning an existing license onto NMLS. The NMLS Resource Center provides step-by-step instructions on how to access the system, guides on how to complete the forms, each state’s transition checklists and requirements, tutorials, current and future participating agencies, system alerts, system processing fees, and general background information.

For questions related to the NMLS or filing out the NMLS forms, please contact the NMLS Call Center at 1-855-NMLS-123 (1-855-665-7123).

If you have any questions about the Kansas requirements, feel free to contact Karla Meyer at (785)296-1365 or Kelly McPeak at (785)296-1879 or by email at licensing@osbckansas.org

If your company is unable to complete this transition at this time due to the COVID-19 pandemic, please contact the Director of Licensing at (785)296-1879 or licensing@osbckansas.org.

For more information on how the ACA Licensing staff can assist with your licensing needs, please contact us at Licensing@acainternational.org or call (952) 926-6547.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

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