TO:
Maryland Collection Agency Licensees
FROM:

Mark Kaufman, Commissioner

Juan M. Sempertegui, Director of Licensing

DATE:
October 31, 2013
RE:
License Expiration Shift and Transition to NMLS

 

The Maryland Collection Agency Licensing Board and the Office of the Commissioner of Financial Regulation (the "Agency") are preparing to ultimately shift the Collection Agency licensing process to a nationwide licensing system known as NMLS at a future date. NMLS is a secure, web-based licensing system that allows companies to apply for, maintain, and renew state licenses in one or more states through a single record. All states currently use NMLS for mortgage licensing and are transitioning other categories over time. For example, Maryland recently transitioned licensing for money transmitters. Among other benefits, NMLS provides the following functionality:
  • 24-hour access to a web based system for licensees to update records, communicate with agency personnel, and submit renewal and other fees electronically
  • Uniform file access for multiple participating states
  • Reporting of state regulatory actions
  • NMLS Consumer Access - a free and easy web-based service for consumers to confirm that the financial-services company or professional with whom they wish to conduct business is authorized to conduct business in the state. (www.NMLSConsumerAccess.org)
A core element of the NMLS is that all licenses, unless perpetual, expire at the end of the calendar year. In order to prepare for the transition, the Agency will start phasing out two-year licenses and it will initiate a process to align all collection agency licenses to a December 31st expiration date. As some licenses will be issued for a period of less than two years, prorated fees will be charged by the Maryland licensing system.

The Agency will send periodic updates regarding the NMLS conversion. If there are any questions, please contact Juan M. Sempertegui, Director of Licensing via email ([email protected]) or at 410-230-6102.