Tomorrow the California Department of Business Oversight (DBO) will begin managing licenses for money transmitter businesses on a shared national platform.
The National Mortgage Licensing System (NMLS) allows companies to apply for, update and renew their licenses in one or more states. Beginning Jan. 15, companies applying for a money transmitter license in California may do so through NMLS.
Launched in 2008, NMLS is a system of record for state agencies to license companies working in the mortgage industry, money service businesses, consumer lending and debt collection. The system is managed by a subsidiary of the Conference of State Bank Supervisors. Sixty-one state agencies in the U.S. manage more than 500 licenses through NMLS.
"Using NMLS will allow the DBO to improve its operations and better supervise the money transmitter industry by linking to a central database shared with other states," the Department of Business Oversight said.
DBO's Money Transmitter Division licenses and regulates money transmitters, such as issuers of money orders, travelers checks and "stored value." A directory of money transmitters operating in California is here.
NMLS will host a “CA-DBO Money Transmitter License Transition to NMLS” webinar on Jan. 22. DBO encourages all California money transmitter licensees to attend. Go to the DBO website for more information.
