Businesses and individuals are encouraged to renew online now to avoid processing delays, especially with new states like California and Nebraska coming on NMLS. ACA International’s licensing team has licensing application completion services available to help.
11/1/2021 6:25
Licensing renewals are due in most states Dec. 31 and state regulators are encouraging individuals and businesses to start the process early.
State regulators advise individuals and businesses in the mortgage, money transmission, debt collection and consumer financial services industry to start renewing their licenses in the Nationwide Multistate Licensing System (NMLS) starting Nov. 1 to avoid licensing delays, according to a news release from the Conference of State Bank Supervisors (CSBS).
“Each year we encourage state licensees to renew early because that is the best way to ensure they clear the process and are ready to do business in the new year,” Kelly O’Sullivan, chair of the NMLS Policy Committee and deputy commissioner of the Montana Division of Banking and Financial Institutions, said in the news release. “Renewing early will be especially important this year with the increase in licensees eligible for renewal.”
State agencies often employ operational efficiencies to streamline processing renewal requests. CSBS staff will also implement an online request process, effective Nov. 1, for licensees to resolve NMLS access issues including password resets or locks, and email address changes to facilitate the renewal process upfront.
California recently enacted a law to license debt collectors, and the state’s application hit the NMLS website Sept. 1, ACA International previously reported. Nebraska also recently started offering applications on NMLS, ACA previously reported.
California’s Department of Financial Protection and Innovation (DFPI) also issued a reminder Dec. 2 for debt collectors to file their application by the end of the month.
For further information about debt collection licensing requirements in California, visit the DFPI’s Debt Collectors web page and FAQs.
NMLS offers free, online courses and state-specific checklists to guide licensees through the process, available on the Annual Renewal page of the NMLS Resource Center. The renewal period in most states runs Nov. 1 to Dec. 31.
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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