Money Transmitter Transition to NMLS
All companies holding a Maryland Money Tran
smitter license, must transfer their licensing records to NMLS
January 2, 2013 through March 4, 2013.
Below is a brief summary of transition details.
On January 2, 2013, The Maryland Office of the Commissioner of Financial Regulation started using NMLS to process and manage money transmitter licenses. NMLS (or, the "System") is a secure, web-based system created by state regulators to provide efficiencies in the processing of state licenses and to improve supervision of state regulated industries.
Through NMLS, companies maintain a single record, which they use to apply for, maintain, renew, and surrender license authorities in one or more states. Conveniently and safely, each licensee and license applicant can apply for, amend, and renew its license on-line. NMLS also allows licensees and license applicants to submit the financial statements and credit reports that are required for a money transmitter license.
How to Access NMLS
Please visit the NMLS "Getting Starting" page. In order to gain access to NMLS for the first time you must complete a Company Account Request Form and identify a Primary Account Administrator and a Secondary Account Administrator. This form can be submitted electronically through the NMLS website on the "Getting Started" page. This form needs only to be submitted once per money transmitter, regardless of the number of NMLS participating states in which that money transmitter is licensed.
**IF A LICENSEE OR LICENSE APPLICANT ALREADY HAS A RECORD IN NMLS, THIS STEP IS NOT REQUIRED.**
Once a licensee or license applicant completes and submits the Company Account Request Form, the Primary Account Administrator will receive NMLS login information within 3 business days. The Primary Account Administrator for the licensee or license applicant will have full rights to (1) access the System, (2) submit information to the MD Office of the Commissioner of Financial Regulation and other participating state regulators, and (3) set-up other users in the System. Again, instructions and tutorials on how to access and use the System are also available on the NMLS Resource Center.
Forms To Complete To Transition Your Money Transmitter License to NMLS or For a New Money Transmitter Applicant
Once NMLS is accessible to a licensee or license applicant, the licensee or license applicant is required to submit the following through NMLS to the Maryland Office of the Commissioner of Financial Regulation by March 4, 2013:
- Company (MU1) Form: Each licensee and license applicant will initially create a record in the System for its principal office using the NMLS company application.
- Individual Biographical (MU2) Form (Please See Instruction #14): Part of the company form is created for each control person (such as an executive officer, qualified individual and branch manager).
- Branch (MU3) Form: If applicable, each licensee and license applicant will create a record in the System for each of its branch offices. In Maryland, authorized delegates of licensees are NOT branch offices and are NOT required to be licensed.
In addition to the above requirements, please see all the Money Transmitter licensee items to be submitted to MD Office of the Commissioner of Financial Regulation: MD Money Transmitter Checklist Items: Maryland State Licensing Requirements on the NMLS Resource Center.
**If a licensee or license applicant has submitted these forms to another state, then these forms do not have to be re-submitted to NMLS. In such a case, identify the appropriate license type in Maryland and complete a few Maryland-specific fields.**
NMLS will annually charge a processing fee of $100 per company license and $20 per licensed branch renewed through the System. There is no processing fee for submitting a new application or transitioning an existing license onto NMLS.
These processing fees pay for NMLS' operations, including licensee system access 362 days per year, ability to maintain, renew and run reports on your licenses, and NMLS Call Center support. There are no other NMLS processing fees.
For More Information
For any questions or more information, you may contact Keisha Whitehall Wolfe, Assistant Commissioner of Nondepository Oversight, at 410-230-6362, or via email at email@example.com.
Division of Financial Regulation
Maryland Department of Labor, Licensing and Regulation
500 North Calvert Street, Suite 402
Baltimore, MD 21202-3651
410-230-6155 | Office 410-333-0475 | Fax
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