Evolving State Supervision: Issues Arising from State Qualification Standards and 'SAFE' Act Licensing, and Coordination with the CFPB
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...more
Recently, NMLS announced updates to the Money Services Business (MSB) Call Report effective in the third quarter for filings due November 14. These updates aim to align the report with the Model Money Transmission...more
In November 2023, S.B. 668 was introduced in the Wisconsin Senate. S.B. 668 would make sweeping changes to the state laws governing financial service providers. The bill creates a pathway for the Wisconsin Department of...more
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
The Conference of State Bank Supervisors (CSBS) issued a proposed model money transmitter law on September 9, 2021 as part of its ongoing effort to streamline licensure, supervision and examination processes for money...more
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
As we recently reported, starting February 1, 2018, the Alaska Department of Commerce, Community, and Economic Development, Division of Banking and Securities will start receiving new applications and transition filings on...more
Starting on February 1, 2018, the Alaska Department of Commerce, Community & Economic Development, Division of Banking & Securities will start accepting applications for the Money Transmitter License on NMLS. ...more
On January 1, 2018, certain state agencies will start receiving Electronic Surety Bonds (ESB) through NMLS for the following licenses...more
On January 1, 2018, the Ohio Division of Financial Institutions will start accepting new application and transition fillings for the Money Transmitter License on NMLS....more
Starting in Q1 2018, the following state agencies will start using the NMLS MSB Call Report: ?Indiana Department of Financial Institutions, Iowa Division of Banking, New York Department of Financial Institutions, Ohio...more
On October 14, 2017, the Indiana Department of Financial Institutions issued a new bond form for their Money Transmitter License to correct the language, making it consistent with their existing statute. This new bond form...more
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...more
Starting in Q3 2017 (July 1, 2017 to September 20, 2017), the Michigan Department of Insurance and Financial Services is requiring Money Transmitter licensees...more
On July 1, 2017, NMLS started receiving new applications for the NYDFS Money Tranmistter License and transition fillings on NMLS....more
On August 1, 2017, the Maryland Commissioner of Financial Regulation will start using the new Electronic Surety Bond (ESB) through NMLS....more
The New York Department of Financial Services (DFS) announced last week that it is migrating the administration of its non-mortgage related licenses to the Nationwide Multistate Licensing System (NMLS), joining more than 60...more
The Conference of State Bank Supervisors issued a press release this week in which it announced the April 1 release of a new tool within the Nationwide Multistate Licensing System (NMLS) to streamline reporting by money...more
Seventeen state agencies, affecting 22 license types, have currently committed to adopt the NMLS MSB Call report for Q1 2017 reporting. The NMLS MSB Call Report applies to licensees who conduct the following activities: money...more
NMLS Release 2016.1 is targeted for January 25, 2016. The release includes functionality for surety companies and surety bond producers to request an account within NMLS and establish business associations, enhancements to...more