New York –- (RealEstateRama) — Financial Services Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS)’s transition to the Nationwide Multistate Licensing System and Registry (NMLS) for money transmitters is commencing July 1, 2017. In this transition, DFS will manage the license application and ongoing regulation of all nondepository financial institutions doing business in New York through NMLS, which was created by the State Conference of Bank Supervisors (CSBS) and began operations in January 2008. DFS, which currently uses NMLS to manage and regulate mortgage providers licensed in New York, is expanding usage, in stages, to all nondepository institutions, now adding with money transmitters.
“DFS is pleased to bring the efficiencies and robust oversight that the NMLS platform provides to additional financial services industries regulated by DFS,” said Financial Services Superintendent Maria T. Vullo. “The Department joins CSBS in the continual modernization of state regulation, enhancing the strong regulatory framework created by states, and supporting industry innovation.”
NMLS is a secure, web-based, nationwide licensing system that allows companies to apply for, update, and renew their licenses in one or more states conveniently and safely online. NMLS allows DFS to provide enhanced supervision of the money transmitter industry by linking with other states to protect consumers. Currently, 62 state agencies use NMLS to accept and process license applications and registrations.
Commencing on July 1, 2017, financial services companies holding New York money transmitter licenses will have the opportunity to transition those licenses to NMLS and companies applying for new licenses will be able to apply through NMLS. DFS has sent letters to each licensee with detailed instructions for transitioning their company and branches onto NMLS and licensees will also be provided with training on NMLS use.
More information about NMLS can be found online on the NMLS Resource Center.
Contact: Richard Loconte, 212-709-1691