Thursday, December 17, 2015

California Money Transmitter Licenses to Be Managed Via Expanded Participation in NMLS

Effective January 2016, the DBO will begin using the National Mortgage Licensing System (NMLS) to manage money transmitter licenses. NMLS is a secure, web-based, nationwide licensing system that allows companies to apply for, update and renew their licenses in one or more states conveniently and safely. Using NMLS will allow the DBO to improve its operations and better supervise the money transmitter industry by linking to a central database shared with other states. Starting Jan. 15, 2016, the DBO will allow all money transmitter licensees to have a complete record in NMLS and submit the record to the DBO for approval. Starting the same day, any company wishing to apply for a money transmitter license may do so through NMLS. The DBO intends to issue a letter to licensees in December with detailed instructions on how to transition their company to NMLS.