Licensees under the California Financing Law not currently on NMLS must transition onto NMLS by December 31, 2021.
All licensees not yet on NMLS must establish an account in NMLS and transmit their information to the DFPI through NMLS on or before the December 31, 2021 deadline. The time for the DFPI to process the licensee's NMLS transition does not affect the licensure status of the licensee, and may occur after the licensee's December 31, 2021 deadline to submit the licensee's information to the DFPI through NMLS.
Start Now and Avoid Potential Delays
To facilitate creating an account in NMLS, all CFL applicants and transitioning CFL licensees should be familiar with the documentation required when setting up the account. This NMLS Account Creation Help Document describes step-by-step how to create an NMLS account and the documents needed.
Required Documentation
Among other requirements, NMLS requires applicants and transitioning licensees to provide a copy of the IRS documentation that identifies the company's employer identification number (EIN) (i.e., an original SS-4 letter or a replacement 147C letter). A company should contact the IRS Business & Specialty Tax Line at (800) 829-4933 for assistance in seeking a replacement letter (the 147C letter) if the company is unable to locate its original SS-4 letter.
NMLS also requires applicants and transitioning licensees to provide the Secretary of State documentation that identifies the state where the company is registered as a business (commonly known as a certificate of existence, identifying the legal name and structure of the company). The legal name on the Secretary of State documentation must match the legal name on the IRS documentation.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.