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Financial Services Industry NMLS Licensing Rules

Ballard Spahr LLP

CSBS to Release Enhancements to Nationwide Multistate Licensing System & Registry (NMLS) on July 20.

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The Conference of State Bank Supervisors (CSBS) will release the first phase of major enhancements to the Nationwide Multistate Licensing System & Registry (NMLS) on July 20....more

Ballard Spahr LLP

Kentucky student loan servicer license application available on NMLS

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Last year, Kentucky enacted the Student Education Loan Servicing, Licensing, and Protection Act of 2022 (the “Act”), which requires student loan services to be licensed in Kentucky.  The Act took effect on July 13, 2023 (the...more

Ballard Spahr LLP

Nevada passes law to regulate earned wage access providers

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On June 13, Nevada’s governor signed into law Senate Bill 290 creating the nation’s first statutory framework for earned wage access (EWA) providers operating in the state.  The law appoints the state’s Commissioner of...more

Goodwin

Nevada Enacts First-Of-Its-Kind Licensing Law For Earned Wage Access Services

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Nevada has become the first state to enact a law that establishes a financial services licensing regime for earned wage access services (aka on-demand pay services), which allow workers to access earned but unpaid income...more

Orrick, Herrington & Sutcliffe LLP

Indiana enacts Money Transmission Modernization Act

On May 4, the Indiana governor signed SB 458, which repeals current Indiana code governing the licensing and regulation of money transmitters by the Department of Financial Institutions. The bill adds a new chapter codifying...more

Orrick, Herrington & Sutcliffe LLP

Maryland eliminates separate licensing requirement for certain entities

On May 8, the Maryland governor signed HB 686 to eliminate a requirement that collection agencies and certain non-depository financial institutions must maintain separate licenses for branch locations...more

Orrick, Herrington & Sutcliffe LLP

North Dakota amends mortgage licensing requirements

On March 13, the North Dakota governor signed SB 2090, which, among other things, revises licensing requirements for residential mortgage lenders. ...more

Orrick, Herrington & Sutcliffe LLP

Montana amends mortgage servicing laws

On February 16, the Montana governor signed HB 30, which amends certain provisions of the state’s mortgage laws. Among other things, the act outlines provisions related to financial condition requirements, model state...more

Bradley Arant Boult Cummings LLP

The Twelve Days of Renewals

On the first day of renewals the NMLS brought to me, system issues and lock outs. Yes, the 2021 Renewal season brought no holiday joy to either regulator or industry users. The first twelve days did present challenges with...more

Manatt, Phelps & Phillips, LLP

California’s Lending License Moves From Paper to Electronic

On August 19, the California Department of Financial Protection and Innovation (DFPI) announced the adoption of final rules transitioning the application form and certain other submissions relating to the “catchall”...more

Miles & Stockbridge P.C.

November...Time for Elections and for State License Renewals

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Its Presidential election time, and we strongly encourage you to vote on or before November 3rd. If you have not yet done so, please vote, whoever may be your preference....more

Ballard Spahr LLP

New Jersey Mortgage Servicer License Applies to Holders of Mortgage Servicing Rights

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The New Jersey Department of Banking and Insurance recently issued a bulletin to provide guidance relating to the licensing and registration of mortgage servicers under the New Jersey Mortgage Servicers Licensing Act. The...more

Ballard Spahr LLP

NMLS Reinstatement Period Now Open Through February 29

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The NMLS Reinstatement Period began on January 2, 2020, and will end on February 29, 2020. This period allows individuals and companies that failed to renew their licenses by December 31 to request renewal. ...more

Ballard Spahr LLP

NMLS to Release System Enhancements for MLO Temporary Authority

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The Nationwide Multistate Licensing System & Registry (NMLS) is scheduled to release a system enhancement on November 24, 2019, which will allow qualified mortgage loan originators (MLOs) who are changing employment from a...more

Allen Matkins

DBO Proposes To Transition All CFL Licensees To NMLS

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The State Regulatory Registry LLC, an affiliate of the Conference of State Banking Supervisors, developed and operates the Nationwide Multistate Licensing System (NMLS).  In 2008, Congress enacted the Secure and Fair...more

Ballard Spahr LLP

NMLS Renewal Underway and Renewal Changes for Nevada Licensees

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The NMLS renewal period for licensees began last week on November 1 and continues through December 31. For Nevada licensees, according to an update from the Nevada Division of Mortgage Lending...more

Ballard Spahr LLP

South Dakota Adds Non-Residential Mortgage Lender Licenses to NMLS

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South Dakota Adds Non-Residential Mortgage Lender Licenses to NMLS - South Dakota added its Non-Residential Mortgage Lender License to NMLS on July 15, 2019. ...more

Ballard Spahr LLP

Temporary Authority Update

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Both Virginia and Utah have enacted legislation to permit temporary authority to operate as a mortgage loan originator in their respective states pursuant to the SAFE Act....more

Ballard Spahr LLP

NMLS Reinstatement Period Ends February 28

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For those agencies that permit license reinstatement, the reinstatement period will run until midnight Eastern Time on February 28, 2019....more

Proskauer - Blockchain and the Law

New York Approves Nationwide Licensing Tool for Virtual Currency Business Activity Companies

New York State has taken measures this year to modernize its approach to regulation for blockchain-based companies. Even before Assembly Bill A8783B established a government task force to study the effects of blockchain and...more

Ballard Spahr LLP

NMLS Renewal Period Now Open

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A reminder that the NMLS license renewal period opened on November 1, and that there is an Annual Renewal Information section on the NMLS Resource Center website with detailed information regarding deadlines, requirements,...more

Ballard Spahr LLP

California Amends Student Loan Servicing Act

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California Governor Jerry Brown has signed into law Assembly Bill 38, which significantly modifies the scope, administration, and servicing requirements of the state’s Student Loan Servicing Act. ...more

Ballard Spahr LLP

North Carolina to Accept Electronic Surety Bonds

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The North Carolina Commissioner of Banks Office has begun receiving new and converted Electronic Surety Bonds (ESB) through NMLS for its mortgage broker, mortgage lender, and mortgage servicer licenses....more

Ballard Spahr LLP

Pennsylvania Issues Mortgage Servicer License FAQs

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The Pennsylvania Department of Banking and Securities recently published Frequently Asked Questions to clarify its new mortgage servicer licensing requirements. ...more

Ballard Spahr LLP

Wisconsin Using the NMLS Uniform Authorized Agent Reporting

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On February 1, 2018, the Wisconsin Department of Financial Institutions started using the NMLS Uniform Authorized Agent Reporting (UAAR) functionality to fulfill agent reporting requirements....more

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