NMLS Transition

Transition to Nationwide Multistate Licensing System and Registry (NMLS) 

The Department utilizes the Nationwide Multistate Licensing System and Registry (“NMLS”) to manage its licensees.  NMLS is owned and operated by the State Regulatory Registry LLC (SRR), a wholly owned subsidiary of the Conference of State Bank Supervisors (CSBS).  Beginning September 1, 2020, installment lender licensees will be required to transition to NMLS.  The deadline for transitioning to NMLS is October 15, 2020.  Prior to the transition, the Department, in partnership with CSBS, will provide guidance to licensees on the transition process.  Please continue to visit the Department’s website for further developments on NMLS training dates and additional transition information.

 

Industry Training Session

SRR will be hosting a virtual industry training session on August 25, 2020 in preparation for the transition of installment lender licensees to NMLS.  It is paramount for every installment lender licensee to attend this training session to ensure a smooth transition to NMLS.  The Department will also attend the training session, so this will be a great opportunity to meet your regulators and ask any regulatory questions that you may have.  Below is a link to the industry training session invite.  Please follow the link and click the registration button to complete the sign-up process for the training session.  The link also includes access to a recorded video demonstration that will further help new users navigate the NMLS system.  Please watch this video prior to attending the training session.  If you have any questions, please reach out to the Department.

https://efsbs.webex.com/efsbs/onstage/g.php?MTID=e535fb8eb3fc4eca7623030268fac02c6

 

NMLS Online Resources  

The NMLS Resource Center is the primary source for guidance and licensing information related to applying for a license/registration and maintaining a record in NMLS.  Some of the helpful resources include State Agency ContactsState Licensing RequirementsTraining Workshops, and Quick Guides.  

The Getting Started page for company users is a step-by-step resource for determining if an account is required and how to begin the licensing/registration process. 

 

Recorded NMLS New User Demonstration  

The New User video provides foundational information and includes demonstrations for industry on how to navigate within the secured NMLS site, including how to request an account, complete forms Company MU1, Control Person MU2, Branch MU3, Financial Statement Filing, and basic navigation of the NMLS Resource Center.

 

Electronic Surety Bonds (ESB)

An electronic surety bond is required to be submitted in NMLS as part of the transition of installment lender licensees to NMLS.  This obligation is issued under and is governed by O.C.G.A. § 7-3-21.  The electronic surety bond will be $25,000 for the licensee’s primary location plus $5,000 for each additional office location operated by the licensee.  In no event, will a licensee’s bond exceed $100,000. 

Below is a link to a list of surety companies and surety bond producers that are available in NMLS as well as a link to the Electronic Surety Bond for Licensees page on NMLS and a sample of the bond form that your surety provider must follow.

https://mortgage.nationwidelicensingsystem.org/news/Documents/Authorized%20Producers%20and%20Companies.pdf

https://mortgage.nationwidelicensingsystem.org/Pages/ESBforNMLSLicensees.aspx

Download this pdf file.Sample Bond Form

 

Transition Team Contact Information

Justin McElheney, Director for Non-Depository Financial Institutions
jmcelheney@dbf.state.ga.us

Dominique Williams, Licensing Compliance Manager (Company applications contact)
dwilliams@dbf.state.ga.us