Number of licenses:
|License Types||Count as of
|Count as of
|Money Transmitter - Authorized Delegates||9611||9091|
|Currency Exchanger - Main||5||5|
|Currency Exchanger - Authorized Delegates||7||7|
DFI’s use of the NMLS is expanding to include additional, non-mortgage related license types. The expansion will take place in two stages and will be on a voluntary basis for companies. The first stage, beginning April 16, involves Money Transmitters and Currency Exchangers. The second stage starts in July and involves Check Cashers and Payday Lenders.
Scott Jarvis, Director of DFI states, "The Department is pleased to expand its use of NMLS, bringing the efficiencies and improved oversight of NMLS to other financial services industries, specifically Money Transmitters, Currency Exchangers, Check Cashers and Payday Lenders."
What is NMLS?
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, and surrender license authorities in one or more states. In addition to the benefit of easier licensing between states, NMLS also provides an easy way to maintain dual licenses. For example, a company that holds a Money Transmitter and a Check Casher license would be able to maintain many parts of both licenses using the same base NMLS record. NMLS began operations on January 2, 2008 and currently fifty-eight state agencies and six federal agencies use the system.
Where do I go to get more information about NMLS?
You can find more information about the NMLS using the following link http://mortgage.nationwidelicensingsystem.org
What are the fees for NMLS?
There is no processing fee for submitting a new application or transitioning an existing license onto NMLS. Once you are on the system, NMLS will annually charge a processing fee of $100 per company license and $20 per licensed branch location. Please note that DFI regulatory fees remain the same.
DFI will be communicating additional materials to licensees in the coming months through ListServ, the DFI website, webinar, and emails. If you are considering voluntary participation on the NMLS, or if you have any questions, please contact Ariana Wood at email@example.com or by phone at 360-664-7887 to express interest and to get on a list for future direct correspondence.
None at this time.