New Mexico Announces Transition to Nationwide Multistate Licensing System

New Mexico’s Financial Institutions Division will host a training webinar Oct. 29 to assist with the transition to the new system, which will occur between Nov. 1 and Jan. 1.

10/14/2020 1:00 PM

NewsStateLicensing
New Mexico Announces Transition to Nationwide Multistate Licensing System

Starting Nov. 1, 2020, the New Mexico Financial Institutions (FID) Division will begin the transition to using the Nationwide Multistate Licensing System (NMLS) system to manage collection agency, branch, collection agency manager and repossessor licensees.

This change is due to New Mexico’s anticipated migration of the entire collections licensing process to the NMLS, which is scheduled to take effect on Jan. 1, 2021. 

 As such, the corresponding 2020 fees will be one-half of their normal amount. 

Companies will be able to apply for, amend, and renew licenses online through the NMLS, according to a notice from the FID.

NMLS is a secure web-based system created by state regulators to provide efficiencies in the processing of state licenses and to improve supervision of state-regulated industries. Through NMLS, companies maintain a single record, which they use to apply for, maintain, renew, and surrender license authorities in one or more states, according to the division’s notice.

To help with this transition, the NMLS’ State Regulatory Registry will conduct a live webinar from 1-3 p.m. MDT, Oct. 29, intended to assist New Mexico regulation and licensing department licensees in transferring their existing company license onto NMLS. Register for the webinar here.

This training session will include a review of the state-specific requirements, a system demonstration on requesting a license and a live Q&A session. Licensees are encouraged to participate in this training for a smooth transition onto NMLS.

In preparation for this training session, licensees new to NMLS should complete the prerequisite course called: NMLS New User Training. This prerequisite training video is located under the Money Services Business, Consumer Finance, & Debt Industry Training section of the NMLS website.

ACA International’s licensing team confirmed the transition to NMLS will be available starting Nov. 1 and the FID is requesting the transition to the new system be completed by licensees by Nov. 30.

The FID will then review and approve the licenses in the NMLS and, once they are approved, the licensee will need to file the renewal by Dec. 31.

In the event a licensee submits all the materials for the transition to the NMLS and they are not approved by the FID before the Dec. 31 renewal deadline, the division will allow for a “reinstatement period.”

Once the renewal process is complete, licenses will be valid for six months instead of 12 because of legislative changes last year, ACA previously reported.

In other news, Nebraska’s Department of Banking and Finance has also indicated it is on schedule to send out its renewal notices next week, and it will also be moving licenses to the NMLS. ACA will provide more details on Nebraska’s transition to NMLS for members when available.

For more information on how the ACA licensing staff can assist with your licensing application completion 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

New Mexico Announces Transition to Nationwide Multistate Licensing System

Starting Nov. 1, 2020, the New Mexico Financial Institutions (FID) Division will begin the transition to using the Nationwide Multistate Licensing System (NMLS) system to manage collection agency, branch, collection agency manager and repossessor licensees.

This change is due to New Mexico’s anticipated migration of the entire collections licensing process to the NMLS, which is scheduled to take effect on Jan. 1, 2021. 

 As such, the corresponding 2020 fees will be one-half of their normal amount. 

Companies will be able to apply for, amend, and renew licenses online through the NMLS, according to a notice from the FID.

NMLS is a secure web-based system created by state regulators to provide efficiencies in the processing of state licenses and to improve supervision of state-regulated industries. Through NMLS, companies maintain a single record, which they use to apply for, maintain, renew, and surrender license authorities in one or more states, according to the division’s notice.

To help with this transition, the NMLS’ State Regulatory Registry will conduct a live webinar from 1-3 p.m. MDT, Oct. 29, intended to assist New Mexico regulation and licensing department licensees in transferring their existing company license onto NMLS. Register for the webinar here.

This training session will include a review of the state-specific requirements, a system demonstration on requesting a license and a live Q&A session. Licensees are encouraged to participate in this training for a smooth transition onto NMLS.

In preparation for this training session, licensees new to NMLS should complete the prerequisite course called: NMLS New User Training. This prerequisite training video is located under the Money Services Business, Consumer Finance, & Debt Industry Training section of the NMLS website.

ACA International’s licensing team confirmed the transition to NMLS will be available starting Nov. 1 and the FID is requesting the transition to the new system be completed by licensees by Nov. 30.

The FID will then review and approve the licenses in the NMLS and, once they are approved, the licensee will need to file the renewal by Dec. 31.

In the event a licensee submits all the materials for the transition to the NMLS and they are not approved by the FID before the Dec. 31 renewal deadline, the division will allow for a “reinstatement period.”

Once the renewal process is complete, licenses will be valid for six months instead of 12 because of legislative changes last year, ACA previously reported.

In other news, Nebraska’s Department of Banking and Finance has also indicated it is on schedule to send out its renewal notices next week, and it will also be moving licenses to the NMLS. ACA will provide more details on Nebraska’s transition to NMLS for members when available.

For more information on how the ACA licensing staff can assist with your licensing application completion 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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