As previously discussed in the Mortgage Banking Update, the NMLS (Nationwide Mortgage Licensing System & Registry) is in the process of expanding to administer additional non-mortgage license types. Several states recently announced new transition plans and deadlines for these license types.

The Rhode Island Division of Banking began transitioning the following licenses onto the NMLS on April 16: sale of checks, debt management services electronic money transfers, check cashers, and small loan lenders. From April 16 on, the Division will no longer accept paper applications or amendment forms for these license types. All such licenses must be transitioned onto the NMLS by June 30, 2012.  

The Vermont Department of Financial Regulation began transitioning Motor Vehicle Sales Finance Company Licenses and Retail Installment Sales Finance Company Licenses onto the NMLS on April 1, 2012. After April 1, the Department will no longer accept paper application or amendment forms for these license types. All such licenses must be transitioned onto the NMLS by June 30, 2012.  

The Washington Department of Financial Institutions recently announced that Money Transmitter and Currency Exchange Licensees could begin transitioning those licenses onto the NMLS beginning on April 16, 2012.

To summarize, the following states and licenses types are now being administered through the NMLS:

Massachusetts

  • Check Cashers
  • Check Sellers
  • Debt Collectors
  • Foreign Transmittal Agencies
  • Insurance Premium Finance Companies
  • Motor Vehicle Sales Finance Companies
  • Retail Installment Sales Finance Companies
  • Small Loan Companies

Oklahoma

  • Deferred Deposit Lenders

Rhode Island

  • Check Cashers
  • Debt Management
  • Electronic Money Transfers
  • Sales of Checks
  • Small Loan Companies

Vermont

  • Sales Finance

Washington

  • Check Cashers
  • Currency Exchangers
  • Money Transmitters
  • Payday Lenders