The December 31 deadline for certain Mississippi, New Mexico, and Rhode Island licensees to transition to the NMLS is quickly approaching. Relatedly, certain Kentucky and South Carolina licensees will be required to transition to the NMLS in the first half of 2020. Here’s a summary of the impacted licensees and applicable transition dates:

State

License(s)

Key Dates

Checklist

Mississippi

  • Check Cashing License
  • Check Cashing Registration
  • Credit Availability License
  • Credit Availability Registration
  • Insurance Premium Finance License
  • Consumer Loan Broker Company License
  • Pawnbroker License

Open Date:
Nov. 1, 2019

Deadline:
Dec. 31, 2019

Link

New Mexico

  • In-State Motor Vehicle Sales Finance License
  • Out-of-State Motor Vehicle Sales Finance License

Open Date:
Nov. 1, 2019

Deadline:
Dec. 31, 2019

Link

Rhode Island

  • Currency Transmitter License

Open Date:
Nov. 1, 2019

Deadline:
Dec. 31, 2019

Link

Kentucky

  • Consumer Loan License

Open Date:
Jan. 1, 2020

Deadline:
Mar. 1, 2020

Link

South Carolina

  • Supervised Lender License
  • Deferred Presentment Service Provider License
  • Check Cashing Service Provider License

Open Date:
Feb. 1, 2020

Deadline:
May 31, 2020

Not yet available

Don’t delay in preparing and submitting transition requests. Here are a few helpful notes on the process:

  • Companies that don’t already have an NMLS record should start preparing one immediately as it can take considerable time to complete
  • Current licensees should update their records with the applicable regulators prior to the corresponding transition open date so that there are no changes to submit at the time of transition
  • All transition requirements can be found in the applicable checklists available on the NMLS (see links above). These checklists should be reviewed periodically as they are subject to change.
  • To avoid being charged a new application fee, current licensees should enter their license number — or an alternate number provided by the applicable regulator — in the transition number field in the NMLS
  • After the transition deadlines identified above, paper applications will no longer be accepted

If you need assistance with transitioning licenses to the NMLS, please contact our team of licensing professionals by clicking here.