Illinois Utilizes NMLS UAAR Functionality

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The Illinois Department of Financial and Professional Regulation earlier this month started using the NMLS Uniform Authorized Agent Reporting (UAAR) functionality to fulfill agent reporting requirements. The UAAR allows licensed money transmitters and money service businesses to file one uniform report of their authorized agent locations via NMLS to participating state agencies.

Specific to Illinois, companies must upload Illinois-located agents (authorized sellers and other locations) in NMLS by December 31, 2017. As of November 1, 2017, companies will no longer be required to submit this information on the Illinois website. More information can be found here.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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