On July 1, the Nevada Financial Institutions Division will begin requiring Nevada installment loan company license applications be submitted via NMLS. Such license applicants should refer to the company and branch NMLS new application checklists for requirements when they are posted. APPROVED couldn’t be more excited about this development as the application is one that is relatively lengthy and difficult, and the transition to NMLS should make it significantly less onerous (especially for companies that hold other NMLS licenses).
Current licensees should have already received a communication from the division regarding transitioning to NMLS by Sept. 30, 2022. Beginning July 1, current licensees will be able to access NMLS transition checklists, which will detail the requirements for completing the transition to the system. Many licensees are required to maintain an office in Nevada that is licensed as a branch. Therefore, it’s important that licensees remember to transition any branch license(s) as well. Licensees must also remember to enter their current license number as the NMLS transition number to avoid an application fee.
The Nevada installment loan company license transition is part of the division’s large-scale effort to transition licenses to NMLS. As a reminder, Nevada collection agency licensees, foreign collection agency registrants, and collection agency qualified manager registrants must transition to the system by June 30, 2022.
If you need assistance with transitioning licenses to NMLS, please contact our team of licensing professionals.