Money Transmitters to Join System January 2, 2013
BALTIMORE, MD (November 29, 2012) - Commissioner Mark Kaufman announced today that the Office of the Commissioner of Financial Regulation will begin using NMLS, a nationwide licensing system, to manage Maryland Money Transmitter Licenses effective January 2, 2013.
"The Office of Financial Regulation is proud to expand its use of NMLS, bringing the efficiencies and improved oversight of NMLS to other financial services industries. We have seen it work in mortgage to date and look forward to extending our use of the system," said Commissioner Kaufman.
Starting January 2, 2013 through March 4, 2013, the Maryland Office of the Commissioner of Financial Regulation will require all companies holding Money Transmitter licenses to transfer their licensing records to NMLS. The Office of the Commissioner expects that all transitioned licenses will be reviewed and approved by April 1, 2013. Any company wishing to apply for a license must do so through NMLS starting January 2, 2013.
NMLS is a secure, web-based nationwide licensing system that allows companies to apply for, update, and renew their license authorities in one or more states conveniently and safely online. NMLS will allow the Maryland Office of the Commissioner of Financial Regulation to improve its operations and provide better supervision of the money transmission industry by linking with other states to protect consumers.
"The NMLS system provides numerous benefits to both the state regulators and the money transmission industry through efficiencies in the application process, as well as improved consumer protection through better access to licensing information," said Joseph E. Rooney, Board Member for the Money Transmitter Regulators Association.
NMLS began operations on January 2, 2008 and currently 59 state agencies and six federal agencies use the system to accept and process license applications and registrations. Maryland began using NMLS for mortgage licensing in 2009.
The Office of the Commissioner of Financial Regulation will be issuing a letter to each licensee in December with detailed instructions for transitioning onto NMLS.
More information about NMLS can be found at the NMLS Resource Center.
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