Applications to start using the online system will be available to Nevada debt collection licensees April 1.
02/03/2022 4:00 P.M.
2.5 minute read
Debt collection license applications in Nevada will be available on the Nationwide Multistate Licensing System (NMLS) beginning April 1, 2022.
The Nevada Financial Institutions Division (NFID) started transitioning all non-depository licenses to NMLS this month. The collection agency licenses and registrations will be the second industry to transition, according to a notice to licensees from the NFID.
Your current license number (e.g. CAD99999, FCA99999, CM99999) will be used as your transition number with NMLS. It is important to use this number as your transition number to avoid the NMLS charging an application fee, according to the NFID. All current licensees must transition their license to NMLS no later than June 30, 2022. Your current license will expire if a request is not submitted by June 30, 2022, with no option for reinstatement.
ACA International has licensing services available to assist members throughout the process.
“Many states have switched to NMLS in recent years and our team can walk members through the steps to apply for their license online and make sure they know the NFID’s requirements,” said Licensing Manager Angela Butera.
The state will also be utilizing the Electronic Surety Bond through the NMLS. ACA’s Bond Unit is aware of the pending change and will be working with its bond holders over the next few months to satisfy the state’s requirements.
According to the NFID notice:
Please take note that companies that submit for transition will not need to submit a paper renewal application during the June 2022 renewal period as the renewal dates will change after the transition. Further information will be provided about renewals in the coming months. Be advised that NMLS does not permit more than one company license per agency, so if your agency holds licenses for multiple locations, it must choose a main location for the company license. All other locations will transition as a branch in NMLS. Also note that the locations designated as branch locations in NMLS will not be deemed branch offices under NRS 649.
Any pending amendments (i.e. address changes, name changes, etc.) must be approved prior to the company’s transition to NMLS. No paper forms will be accepted after March 31, 2022.
Additional information about the transition process and live training will be provided closer to the transition period.
Licensees will also be required to renew their license in Nevada in December 2022.
The NMLS website provides step-by-step instructions on how to access the system and guides on how to complete the required forms. It also includes the transition checklists, tutorials and other helpful resources.
For more information on how the ACA licensing staff can assist with your licensing application completion needs, please contact us at [email protected] or call (952) 926-6547.
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