The Conference of State Bank Supervisors (CSBS) is encouraging financial services providers to take advantage of the early license renewals process.
CSBS officials said license renewals in most states, applicable to individuals and businesses that provide mortgage, money transmission, debt collection, and consumer financial services to consumers and are licensed through the Nationwide Multistate Licensing System (NMLS), run Nov. 1 to Dec. 31. Regulators are urging licensees to renew by Nov. 30.
“Your license is your business!” Kelly O’Sullivan, chair of the NMLS Policy Committee and deputy commissioner of the Montana Division of Banking and Financial Institutions, said. “In previous years, more than 90 percent of November renewal requests were approved by December 31, but only about half of renewals requested after December 15 were approved in time for licensees to do business on January 1.”
O’Sullivan said early renewal significantly decreases the risk of experiencing a lag in applicants renewal’s being processed and approved into the new year.
Officials said individuals and companies could renew their licenses through NMLS, with more information on each state’s renewal period and state-specific requirements available on the Annual Renewal Information page of the NMLS Resource Center.
Those that do not renew on time run the risk of losing their ability to conduct business in 2019.