On August 27, the Wisconsin Department of Financial Institutions (DFI) announced it will start accepting applications for a new money transmitter license through NMLS on October 1. The new license will replace the current Seller of Checks license, and existing licensees will need to comply with the new requirements by January 1, 2025. The change followed the enactment of SB 668, also known as the 2023 Wisconsin Act 267, which repealed Chapter 217 of the Wisconsin Statutes and replaced it with the Money Transmission Modernization Act. Additionally, the new law authorized the Wisconsin DFI to require non-depository financial service providers to use NMLS for licensing and regulatory filings and revised regulations for collection agencies and certain licensed consumer lenders.
