On February 3, the Nevada Financial Institutions Division (NFID) issued a bulletin, stating that any licensed collection agency or manager must transition their license to the Nationwide Multistate Licensing System (NMLS) by June 30. Licensees that do not submit a request to transition by June 30 will see their licenses expire without an option for reinstatement.

Pursuant to this change, the above-mentioned licensees can begin transitioning their licenses to NMLS on April 1. To avoid being charged an application fee during this process, licensees will need to use their current license number (e.g., CAD99999, FCA99999, CM99999) as their NMLS transition number.

The bulletin clarifies that existing licensees “that submit for transition will not need to submit a paper renewal application during the June 2022 renewal period as the renewal dates will change after the transition.” The bulletin also clarifies that due to NMLS not “permit[ing] more than one company license per agency,” agencies that hold more than one license due to multiple locations will need to select a location to serve as its main location within NMLS, and then set up any other location as a branch. While some locations may be designated within NMLS as a branch, the bulletin states that they “will not be deemed branch offices under NRS 649.”

As an additional note to licensees transitioning to NMLS, the bulletin states “[a]ny pending amendments (i.e., address changes, name changes, etc.) must be approved prior to the company’s transition to NMLS” and that “[n]o paper forms will be accepted after March 31, 2022.”

The NFID plans to provide additional information about how to transition, along with live training, closer to the transition period. The original bulletin can be accessed here.