Check Casher License Renewal and Transition onto the Nationwide Multistate Licensing System

FAQ for Check Casher License Renewal and Transition onto the Nationwide Multistate Licensing System (NMLS)
 

How do I renew my license for 2015?

You will renew your license by creating and submitting a record in NMLS for your company, the owners of your company and all of your branch locations.  You will submit a filing (transition) request for your company license and each branch location and pay all associated fees through NMLS.  No paper applications or checks for renewal or branch locations will be accepted by the Department.

How much will check casher renewal cost?

Check cashers will be charged $400 ($300 state annual license fee and $100 NMLS annual processing fee) and an additional $50 per branch location ($30 state annual fee and $20 NMLS annual processing fee).  NMLS will annually charge a processing fee of $100 per company license, $20 per branch location renewed through the system.  Total fees will be $400 per license and $50 per branch location.

What is my deadline to renew/transition?

All transition requests should be made between September 2nd and December 1st through NMLS to avoid a late fee.  Transition requests made between December 2 and December 31st will be assessed a $300 late fee in addition to the $300 annual license fee.

What will happen if I do not transition onto NMLS by December 31, 2014?

Any existing license that has not submitted a filing (transition)  through NMLS by December 31, 2014, will expire.  Any expired license wishing to reinstate its license must submit a new application request through the NMLS and will not be authorized to cash checks for a fee until such license request is approved by this Department.

What if I do not want to renew?

If you do not want to renew your check cashing license, send a letter or an email to the Department with your license number, main office address and the date that check cashing for a fee will no longer be offered.

How do I get started using NMLS?

In order to gain access to NMLS for the first time, you should visit the Getting Started section on the NMLS website.  You must complete a Company Account Request Form and identify a Primary Account Administrator and a Secondary Account Administrator.

Within three days of completing and submitting the Company Account Request Form, the Primary Account Administrator will receive NMLS login information which will include a password. Be sure to keep a record of the password. The Primary Account Administrator for your company will have full rights to access the system, submit information to this agency, and set up other company users in the system. Instructions and tutorials on how to access and use the system are also available through the NMLS Resource Center - Navigation Guides.  Guides of particular interest would be:  Account Administration, Financial Administration, General Information, Manage Company and Branch Licenses, Manage Company Work List, Notifications, Reports, and View Company and Branch Summary Information.

What forms need to be completed?

Regardless of the type of entity (e.g. sole proprietorship, limited liability company, corporation etc.) each licensee must complete a Company Application (MU1) as well as a Biographical Statement and Consent Form (MU2) for each owner (control person).

What forms need to be completed for check cashing branch locations?

For each check cashing location in Georgia, a Branch Application must be completed. 

Branch locations already registered with the Department will transition onto NMLS.  A list has been provided to each check casher licensee with “license” numbers for the branch locations the Department currently has on file for it.  New Branch locations will require the submission of a new request through NMLS. 

Are there any Georgia specific requirements?

Information on Georgia specific requirements are listed on the Check Casher Transition Checklist that will be available on the Georgia State Licensing Requirements webpage on NMLS.  Generally, for transition, there are no documents required to be submitted directly to the Department outside of NMLS.  Existing control persons (ultimate equitable owners of 10% or more and executive officers) already approved by the Department will not need to authorize a credit report through NMLS.  New control persons, however, will require a credit report to be authorized through NMLS and additional documentation.  Please email the Department if your company has experienced any changes in ownership or legal status.

How will I know whether you need more information from me to approve my renewal?

The Department will communicate with you through NMLS by placing a License Item (action item) on your record with information needed to complete your renewal/transition request. NMLS account administrators will receive email notifications from NMLS each time the Department places a License Item and/or updates the status of your license. You also have the ability to review your company’s record under the Composite View tab in NMLS.  The Notifications Navigation Guide will provide information regarding NMLS system notifications and instructions for adding contacts to receive notifications for your company from NMLS.

How will I know when my renewal application has been approved?

Your license status will be updated from a “Transition Requested” status to an “Approved” status.  NMLS account administrators will receive email notifications from NMLS each time we place a License Item and/or update the status of your license, including approving your renewal/transition request.  You also have the ability to review your company’s record under the Composite View tab in NMLS.  You will receive an email directly from the Department with instructions regarding printing your license certificate for 2015 as soon as the webpage is available.

Will a training session be offered on how to navigate the NMLS system?

A webinar was recently offered for licensed check cashers.  This session explained how to use NMLS.  We will let you know as soon as a recording of the presentation becomes available.  Until then we encourage you to visit the NMLS Resource Center – Company Quick Guides  for training publications.

Who may I call for help navigating the NMLS system?

For system questions related to NMLS, please contact the NMLS Call Center at 1-855-NMLS-123 (1-855-665-7123).  The Call Center is open 9:00 am to 9:00 pm (Eastern Time), Monday through Friday.  Please note that call volume and possible wait times may be higher in November and December.  We encourage you to transition onto NMLS as soon as possible.

Additionally, the NMLS Resource Center provides step-by-step instructions on how to access the system, guides on how to complete the forms, each state’s transition plans and requirements, tutorials, current and future participating agencies, system alerts, system processing fees, and general background information. Training opportunities are also available in the News & Events section and from the home page.

Who may I contact with my state specific questions regarding my license or this renewal/transition process?

Please contact the Department and ask to speak with someone in our Money Service Business (MSB) section.  Please call 770-986-1633 or email at [email protected].

Has anything changed with the FinCen Registration, Bank Secrecy Act (BSA), or Anti-Money Laundering requirements (AML)?

No, nothing has changed with respect to the BSA e-filing system through FinCEN. 

Due to technical difficulties the recording of the NMLS training provided to Georgia money service business licensees is not available.  However, the link below is to a demonstration of the system that was conducted for another state.  Please disregard any specific references to that state.

Recording link:  NMLS Training Video