Transition to NMLS Extension Postponed to March 15, 2022

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With permission for reprint from Leasing News and credit to Ken Greene


California LendingThe California DFPI has extended the deadline for transitioning to the NMLS to March 15, 2022 for all those with a California license.

I had a long talk with the DFPI NMLS specialist and the agency is well aware that the transition process is not simple, and that many companies are having difficulty with it. I was also advised that if an application is pending but not approved when the deadline passes, your license will not be revoked. That is also good news.

This three-month extension should give everyone sufficient time to get the transition done. The process is confusing, but the folks at the DFPI are quite helpful. I urge anyone having difficulty to call them. Still, don’t wait until the last minute!

Here is the announcement:
Extension – NMLS Transition for California Financing Law Licensees: Deadline Extended to March 15, 2022

Notice of Extension

The deadline for licensees under the California Financing Law not currently on NMLS to transition onto NMLS is extended to March 15, 2022.

All licensees not yet on NMLS must establish an account in NMLS and submit their information through NMLS on or before the March 15, 2022 deadline.

Begin by Establishing an Account in NMLS

Licensees seeking to transition onto NMLS may access NMLS’s website here. From this homepage, select the button for “Getting Started – Company.”

To facilitate creating an account in NMLS, all transitioning CFL licensees should be familiar with the documentation required when setting up the account. This NMLS Account Creation Help Document describes step-by-step how to create an NMLS account and the documents needed.

Input Licensee Information

After establishing an account, a licensee must input its information on two electronic forms (three electronic forms if the licensee has branch locations). Information about the licensee is entered on the “Company Form,” MU1. Information about each key personnel (owners, officers, directors, managing members, partners, etc.) is entered on the “Individual Form,” MU2. Information about branch locations/licenses is entered on the “Branch Form,” MU3. After completing the applicable information, submit the information through NMLS.

NMLS has state-specific checklists to assist licensees transitioning onto NMLS, and FAQs for guidance on transitioning a license onto NMLS.

Questions

For questions regarding the creation of an account in NMLS, contact the NMLS Call Center at (855) 665-7123. For questions regarding transitioning a CFL license onto NMLS, contact DFPI at CFL.Inquiries@dfpi.ca.gov or (866) 275-2677.

Finally, for those of you who missed it, here is a link to my Leasing News article from 12/8/21 outlining the CFL to NMLS transition process:
https://leasingnews.org/archives/Nov2021/11_15.htm#cfl

Ken Greene Leasing & Finance Observations
https://leasingnews.org/Pages/greene_observations.html

Ken Greene
Tel: 818.575.9095
Fax: 805.435.7464
ken@kengreenelaw.com
Alternate: kengreenelaw@outlook.com

Last modified: December 21, 2021

Category: Business Lending, Regulation

Home Business Lending, Regulation › Transition to NMLS Extension Postponed to March 15, 2022


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