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NYDFS Transitions Certain Non-Depository Financial Institutions to NMLS

The New York Department of Financial Services ("DFS") will transition budget planners and premium finance companies to the National Multistate Licensing System and Registry ("NMLS"). This step is the most recent phase in the DFS plan to transition the license application and ongoing regulation of all New York operating non-depository financial institutions to NMLS.

NMLS allows companies to update and renew their licenses in one or more states via an online platform. Financial services companies will be able to transition budget planner and premium finance licenses to NMLS beginning on May 1, 2018.

Primary Sources

  1. DFS Press Release: Superintendent Vullo Announces Next Phase of New York’s Expanded Participation in State-Based NMLS Platform, Enhancing State Regulation of Financial Services Industry

Tags

Regulated Activities
Registration Process
Regulated Entities
Other Financial Firms
Sub-Entity
Money Service Businesses
Body of Law
Banking Law
Jurisdiction
States
Organization
States
Sub-Author
New York, NYDFS