In our last E-newsletter we shared information about the significant changes happening with the national database NMLS. On April 15th, Phase I allowed Money Transmitters and Currency Exchangers to join the system and at the same time updated the forms for existing mortgage related licensees that have been a part of NMLS for several years. We are pleased to say the roll out of the expansion was successful, due to the level of teamwork and ongoing communication between our licensees, NMLS staff and our Licensing Team. To date, only four licensees have initiated the transition process, but we are expecting this list to grow in the months ahead as more states adopt the NMLS system. Thank you to all involved for the support in making this happen.
As we mentioned in our previous communication, this expansion is intended to help streamline the licensing process for our licensee and us as the regulator.
Here is a link to our Money Transmitter and Currency Exchanger Transition Website: www.dfi.wa.gov/cs/money-services-nmls-transition-faq.htm.
On July 30th of this year we intend to bring onto NMLS these license types. There is still quite a bit of work to be done to ensure a smooth transition and we are working with NMLS to again jointly communicate with our licensees in order to help you navigate the steps needed to ensure a successful transition. Some of the things that our licensees can expect to hear about in the coming months include:
For ongoing updates about Check Cashers and Payday Lenders please visit: www.dfi.wa.gov/cs/check.htm.
For additional information, please contact Ariana Wood at email@example.com or by phone at 360-664-7887.