Acting Commissioner Chester A. McPherson today announced that starting Sept. 3, the District of Columbia Department of Insurance, Securities and Banking will begin using the National Mortgage Licensing System to manage money transmitter, check casher, money lender, retail seller, sales finance company and non-bank ATM licenses and registrations.
The National Mortgage Licensing System, also known as NMLS, is a secure, web-based, nationwide licensing system that allows companies to apply for, update and renew their license authorities in one or more states conveniently and safely online. The District is one of 59 state agencies and six federal agencies that use the system to accept and process license applications and registrations for mortgage companies (e.g. lenders, brokers and dual authority licensees) and mortgage loan originators. The department joins 30 other states in expanding NMLS to non-mortgage financial services industries.
“With this expansion, the department now has a single, coordinated licensing process for all District financial services and mortgage licensees and registrants,” McPherson said. “This allows for greater efficiency in our operations and improved oversight by linking the District with other states to protect consumers.”
Starting Sept. 3, the department will require all companies holding a money transmitter, check casher, money lender, retail seller, sales finance company or non-bank ATM license or registration to have a complete record in NMLS and submit it to the department for approval by Dec. 31. Any company wishing to apply for a new license or registration must do so through NMLS starting Sept. 3. The department will notify each licensee and registrant this month with detailed instructions for transitioning their company and branches onto NMLS.
More information about NMLS can be found online on the NMLS Resource Center.