State Regulators Encourage Early License Renewals
Washington, D.C. – The Conference of State Bank Supervisors (CSBS) announced the start of the license renewal period for individuals and businesses that provide mortgage, money transmission, debt collection and consumer financial services to consumers and are licensed through the Nationwide Multistate Licensing System (NMLS). Renewals in most states run November 1 to December 31. State regulators encourage licensees to renew by November 30.
More than 186,000 mortgage loan originators (MLOs) and companies are licensed to conduct business, accounting for more than 600,000 state licenses eligible to be renewed.
“Your license is your business! Early renewal significantly decreases the risk of experiencing a lag in your renewal being processed and approved into the new year,” said Kelly O’Sullivan, chair of the NMLS Policy Committee and deputy commissioner of the Montana Division of Banking and Financial Institutions.
“In previous years, more than 90 percent of November renewal requests were approved by December 31, but only about half of renewals requested after December 15 were approved in time for licensees to do business on January 1.”
Individuals and companies can renew their licenses through NMLS. More information on each state’s renewal period and state-specific requirements is available on the Annual Renewal Information page of the NMLS Resource Center. Those that do not renew on time run the risk of losing their ability to conduct business in 2019.
Federally registered MLOs and institutions must also renew their registrations via NMLS by December 31. More information for federal registrants is available on the NMLS Federal Registry Resources page.
Media Contact: Catherine Pickels, email@example.com, 202-728-5734
Twitter: @CSBSNews @NMLS Info
The Conference of State Bank Supervisors (CSBS) is the national organization of bank regulators from all 50 states, American Samoa, District of Columbia, Guam, Puerto Rico and U.S. Virgin Islands. State regulators supervise roughly three-quarters of all U.S. banks and a variety of non-depository financial services. CSBS, on behalf of state regulators, also operates the Nationwide Multistate Licensing System to license and register non-depository financial service providers in the mortgage, money services businesses, consumer finance and debt industries.