Maryland to Transition to NMLS Site for Select Licenses
The State of Maryland now requires by law all businesses licensed for Check Cashing Services, Debt Management Services, Collection Agencies, Consumer Lenders, Installment Lenders, Sales Finance Companies, and Credit Services Businesses to create and maintain their licenses online via Nationwide Multistate Licensing System and Registry ("NMLS"). The use of NMLS is required for business entities and branch locations for the aforementioned business activities. The transition period will run from August 1 to September 30, 2017.
NMLS is a secure web-based system created by state legislators to provide an efficient way to apply for, amend and renew state licenses. Businesses required to transition to the NMLS site must create an account and submit the MU1, MU2 and MU3 forms no latter than September 30, 2017. LicenseLogix can assist with an easy transition onto the NMLS site for your business. Please contact us today for more information!