On June 3, the Nevada governor signed into law SB 453, a bill that revises provisions relating to certain persons licensed or certified by the Division of Financial Institutions of the Department of Business and Industry or the Commissioner of Financial Institutions (DFI). The amendments allow DFI to accept licensing applications through the Nationwide Multistate Licensing System & Registry (NMLS) for the following license types: (i) money transmitters; (ii) installment loans; (iii) uniform-debt-management; (iv) deferred deposit, high-interest, title loans, and check-cashing; (v) consumer litigation funding; (vi) private professional guardians; (vii) exchange facilitators; and (viii) collection agencies. Among other things, SB 453 authorizes the NMLS to accept license applications, fees, and renewals, conduct criminal background checks, and accept credit reports on behalf of DFI. SB 453 became effective upon passage and approval.
This content originally appeared in Buckley’s Infobytes blog, a collection of news and alerts covering the financial services industry. To read more or have the Infobytes weekly newsletter delivered to your inbox, please visit infobytesblog.com.