Licenses renewed during 2020 renewal period will be valid for six months as a result of the upcoming change.
3/17/2020 12:30
The New Mexico Regulation and Licensing Department’s collections licensing renewal process is opening soon, and licenses will be valid for six months instead of 12 as a result of legislative changes last year.
According to the department’s website:
“The Financial Institutions Division (FID) will soon the open the collections licensing renewal process. Please be aware that due to the 2019 legislative changes affecting collections licensing, for the 2020 renewal period only, all original and renewal collections agency, manager, and branch licenses will be valid for six months instead of 12.”
The six-month licenses will expire on Dec. 31, 2020.
Next year, New Mexico will move its entire collections licensing process to the National Multistate Licensing System (NMLS), effective Jan. 1, 2021.
Additionally, corresponding 2020 fees will be one-half their normal amount, according to the FID website.
For more information on how the ACA Licensing staff can assist with your licensing needs, please contact us at [email protected] or call (952) 926-6547.