Businesses with a branch license from the Nebraska Collection Agency are required to submit a license transition request through the NMLS by December 31, 2021. The Agency requires license holders to wait until they receive a communication from his office before submitting the transition request.
The license transition requirement only applies to a branch of a licensed collection agency in Nebraska. The license authorizes companies to engage in third party debt collection as well as the collection of payment for third parties of any overdue account, invoice, debt or other debt.
To complete the transition, businesses must first submit the Business Form (MU1) through the primary location of the collection agency license. If companies already have a registration in NMLS and have submitted these forms in the past, they do not need to re-enter company information in NMLS. These companies only need to identify the commercial activities carried out by the company and the states in which the various activities are carried out.
After submitting the company form (MU1), companies can then submit the branch form (MU3). Current licensees must have the correct transition number when they complete and submit the branch form. This number is the business license number assigned upon issuance of the license. Failure to provide this number may generate new application fees.