State Regulators Advise Licensees to Renew by Nov. 30

Businesses and individuals are encouraged to renew online now to avoid processing delays. ACA International’s licensing team has licensing application completion services available to help.

11/10/2020 8:00 AM

ComplianceNewsStateAdvocacy
State Regulators Advise Licensees to Renew by Nov. 30

Licensing renewals are due in most states Dec. 31 and state regulators are encouraging individuals and businesses to start the process early.

This applies to individuals and businesses that provide mortgage, money transmission, debt collection and consumer financial services that will need to renew their licenses in the Nationwide Multistate Licensing System (NMLS), according to a news release from the Conference of State Bank Supervisors (CSBS).

The recommended renew-by date to avoid processing delays is Nov. 30.

“We’re encouraging licensees to submit early this year because of the operational challenges that businesses and states are facing due to the pandemic,” said Kelly O’Sullivan, chair of the NMLS Policy Committee and deputy commissioner of the Montana Division of Banking and Financial Institutions, in the news release. “We want to make sure that licensees renew on time so that individuals and businesses can operate uninterrupted in the new year.” 

States are also increasing their use of NMLS features that free up agency resources to focus on complex cases requiring additional review, including more electronic documentation collection in NMLS.

Renewals in most states run Nov. 1 to Dec. 31, according to the CSBS.

“Licensees submitting renewal requests in November gives states enough time to process the renewal and individuals the opportunity to resolve any issues that may arise. Early renewal applications are far more likely to be approved in time to keep doing business on January 1,” O’Sullivan said.  

NMLS offers free, online courses and state-specific checklists to guide licensees through the process by going to www.nmls.org and clicking the green Annual Renewal button.

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.

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

State Regulators Advise Licensees to Renew by Nov. 30

Licensing renewals are due in most states Dec. 31 and state regulators are encouraging individuals and businesses to start the process early.

This applies to individuals and businesses that provide mortgage, money transmission, debt collection and consumer financial services that will need to renew their licenses in the Nationwide Multistate Licensing System (NMLS), according to a news release from the Conference of State Bank Supervisors (CSBS).

The recommended renew-by date to avoid processing delays is Nov. 30.

“We’re encouraging licensees to submit early this year because of the operational challenges that businesses and states are facing due to the pandemic,” said Kelly O’Sullivan, chair of the NMLS Policy Committee and deputy commissioner of the Montana Division of Banking and Financial Institutions, in the news release. “We want to make sure that licensees renew on time so that individuals and businesses can operate uninterrupted in the new year.” 

States are also increasing their use of NMLS features that free up agency resources to focus on complex cases requiring additional review, including more electronic documentation collection in NMLS.

Renewals in most states run Nov. 1 to Dec. 31, according to the CSBS.

“Licensees submitting renewal requests in November gives states enough time to process the renewal and individuals the opportunity to resolve any issues that may arise. Early renewal applications are far more likely to be approved in time to keep doing business on January 1,” O’Sullivan said.  

NMLS offers free, online courses and state-specific checklists to guide licensees through the process by going to www.nmls.org and clicking the green Annual Renewal button.

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.

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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