Nevada Transiting Collection Agency NMLS Related Licenses | Troutman pepper

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On Feb. 3, the Nevada Financial Institutions Division (NFID) issued a bulletin stating that any licensed collections agency or manager must transfer their license to the National Multistate Licensing System (NMLS) by June 30. Licensees who do not submit a transition request by June 30 will see their licenses expire without the possibility of reinstatement.

In accordance with this change, the aforementioned licensees can begin transitioning their licenses to NMLS on April 1. To avoid incurring an application fee during this process, licensees will need to use their current license number (for example, CAD99999, FCA99999, CM99999) as the NMLS transition number.

The bulletin clarifies that existing licensees “submitting a transition request will not need to submit a paper renewal request during the June 2022 renewal period, as renewal dates will change after the transition.” The bulletin also states that due to the NMLS, no “permit[ing] more than one business license per agency”, agencies that hold more than one license due to multiple locations will need to select one location to serve as the primary location within the NMLS and then set up any other location as a branch . Although certain locations may be designated within the NMLS as a branch, the bulletin states that they “will not be considered a branch under NRS 649”.

As an additional note for licensees transitioning to NMLS, the bulletin states “[a]no amendments pending (that is to say, address changes, name changes, etc.) must be approved before the business transitions to NMLS” and that “[n]o paper forms will be accepted after March 31, 2022.”

The NFID plans to provide additional transition information, as well as live training, closer to the transition period. The original newsletter can be accessed here.

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