The most recent in a long list of states to make use of the Nationwide Mortgage Licensing System and Registry (NMLS), as of July 1, 2017, the New York Department of Financial Services (DFS) has begun managing new applications and transitioning existing licensees from non-depository financial institutions doing business in New York through NMLS.\u00a0 With the joining of New York, 40 states and territories now participate in the use of NMLS for one or more money service business related licenses:\u00a0 Money transmitter licenses, check issuance and cashing, and currency exchange.\u00a0 Prior to expanding its use to money services businesses, New York\u2019s DFS already employed NMLS to manage and regulate mortgage providers licensed in New York.\u00a0 Now, this usage will be expanded, in stages, to all non-depository institutions, commencing with money transmitters.\u00a0 Along with the transition of DFS Money Transmitter Licenses to NMLS, DFS will utilize the NMLS Uniform Authorized Agent Reporting (UAAR)\u00a0functionality to fulfill agent reporting requirements. Each company that holds a New York Money Transmitter License may submit the company form (MU1) to transition the license to NMLS.\u00a0 The transition to NMLS is optional for NY money transmitter licensees; unlike with new applications, there is no fee for transitioning a license. NMLS was created by the Conference of State Bank Supervisors (CSBS) and began operations in January 2008.\u00a0 NMLS is the system of record for non-depository, financial services licensing or registration\u00a0in participating state agencies.\u00a0 NMLS serves as the official system for companies and individuals seeking to apply for, amend, renew and surrender license authorities managed through NMLS. NMLS itself does not grant or deny license authority. New York money transmitter licensees will be able to use NMLS for annual renewals beginning in November 2017. Expected in September 2017 is a new release from NMLS.\u00a0 According to the NMLS Release Bulletin (Issue Date May 30, 2017),the functionality planned for the September NMLS\u00a0 Release (2017.3) currently slated for September 18, 2017, the major enhancements in the Release provide additional functionality for Electronic Surety Bond (ESB) management and processes<\/p>\n","protected":false},"excerpt":{"rendered":"
The most recent in a long list of states to make use of the Nationwide Mortgage Licensing System and Registry (NMLS), as of July 1, 2017, the New York Department of Financial Services (DFS) has begun managing new applications and transitioning existing licensees from non-depository financial institutions doing business in New York through NMLS.\u00a0 With <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[25,1],"tags":[],"_links":{"self":[{"href":"http:\/\/juliesannex.com\/chartwell\/wp-json\/wp\/v2\/posts\/427"}],"collection":[{"href":"http:\/\/juliesannex.com\/chartwell\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/juliesannex.com\/chartwell\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/juliesannex.com\/chartwell\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/juliesannex.com\/chartwell\/wp-json\/wp\/v2\/comments?post=427"}],"version-history":[{"count":1,"href":"http:\/\/juliesannex.com\/chartwell\/wp-json\/wp\/v2\/posts\/427\/revisions"}],"predecessor-version":[{"id":1644,"href":"http:\/\/juliesannex.com\/chartwell\/wp-json\/wp\/v2\/posts\/427\/revisions\/1644"}],"wp:attachment":[{"href":"http:\/\/juliesannex.com\/chartwell\/wp-json\/wp\/v2\/media?parent=427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/juliesannex.com\/chartwell\/wp-json\/wp\/v2\/categories?post=427"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/juliesannex.com\/chartwell\/wp-json\/wp\/v2\/tags?post=427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}