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Compliance and Regulatory Alerts  |  10-30-23

5 Tips to Prepare for NMLS Annual License Renewal Season - Starting November 1

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State regulators are encouraging individuals and businesses in the mortgage, money transmission, debt collection, and consumer financial services industries to start preparing now for the Nov. 1 start of Nationwide Multistate Licensing System (NMLS) annual license renewal. In their release, the NMLS provided:

5 Tips for Licensees to Prepare for NMLS Renewal
  • Update your NMLS record – log in and check to make sure your profile is accurate
  • Reset your NMLS password – update your password now to ensure it is current when you are ready to access NMLS
  • Provide a current email address – take this step to ensure you receive important updates from NMLS during renewals
  • Review state-specific renewal requirements – state agencies begin publishing requirements, including deadlines and fees, in September
  • Access free, on-demand renewal training – CSBS develops a variety of resources for licensees to become familiar with the renewal process

How Bates Helps:

Federal and state regulations are strict regarding all types of monetary transmissions, and you must first obtain the proper license and authority before you can work in these types of businesses. At Bates Group, we assist clients in obtaining state licensing (e.g., money transmitter licenses [MTL], Virtual Currency [VC]), as well as with license maintenance and NMLS renewals following acquisition and the start of operations. Talk to our team today to learn how Bates licensing solutions can help you.

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