The focus for many companies in the coming month will largely be on getting ready for November 30 and the enactment of Regulation F — and rightfully so — but the Conference of State Bank Supervisors last week advised companies that will be renewing their licenses via the Nationwide Multistate Licensing System (NMLS) — including debt collection companies — to start the renewal process as soon as possible to avoid licensing delays.
Among mortgage originators alone, nearly 1 million licenses have to be renewed across states, according to the release. That figure is 40% higher than it was a year ago and the number of companies in need o a renewal is 14% higher than last year, according to the release.
“Each year we encourage state licensees to renew early because that is the best way to ensure they clear the process and are ready to do business in the new year,” said Kelly O’Sullivan, chair of the NMLS Policy Committee and deputy commissioner of the Montana Division of Banking and Financial Institutions, in a statement. “Renewing early will be especially important this year with the increase in licensees eligible for renewal.”
The NMLS announced on Friday that it is now providing additional support options for licensees, allowing them to request an account password reset or unlock, change their email address, and check their renewal status online, starting today.
Along with Regulation F and the normal renewal process, companies in the accounts receivable management industry will also have to tackle new licensing applications in California. Companies will need a license to collect debts in California starting January 1, 2022, but will be allowed to still continue to collect as long as their application for a license has been submitted by that date.
