On April 1, the Nevada Financial Institutions Division began requiring Nevada collection agency license applications, Nevada foreign collection agency registration applications, and Nevada collection agency qualified manager registration applications be submitted via NMLS. Such license applicants should refer to the company, branch, and individual new application checklists for requirements, which are quite numerous and onerous compared to many other state license applications.
All current licensees should have already received a communication from the division regarding transitioning to NMLS by June 30, 2022, which, among other things, requires such licensees to transition their paper surety bonds to electronic surety bonds. Licensees should refer to the company, branch, and individual transition checklists for requirements. To avoid an application fee, licensees must enter their current license number as the NMLS transition number. If current licenses are not transitioned by June 30, then they will expire without an option for reinstatement.
The division is expected to transition additional licenses — most significantly, the Nevada installment loan license — to NMLS over the next year. When that happens, we’ll be sure to post about it.
If you need assistance with transitioning licenses to NMLS, please contact our team of licensing professionals.