Over the past year, California, Kentucky, New Hampshire, and Oklahoma joined a majority of states in requiring that new applicants for certain licenses submit electronic surety bonds via NMLS in lieu of paper bonds.
Existing licensees in these states were given additional time to convert their paper bonds to electronic ones. These conversion deadlines are quickly approaching (or, in the case of Oklahoma, have recently passed) and affected licensees should convert their bonds as soon as possible.
Electronic surety bond conversion deadlines
| State | Licenses | Conversion Deadline |
|---|---|---|
| Oklahoma | • Mortgage lender license • Small lender license | July 1, 2021 |
| New Hampshire | • Debt adjuster license • Money transmitter license • Motor vehicle sales finance company license • Mortgage banker license • Mortgage broker license • Mortgage servicer license • Money transmitter license | Sept. 1, 2021 |
| California | • Financing Law license • Student loan servicing license | TBD – Expected to be Dec. 31, 2021 |
| Kentucky | • Check cashing • Deferred deposit service business • Deferred deposit business registration • Money transmitter license • Mortgage broker license • Mortgage company license | Dec. 31, 2021 |