Maryland Commissioner of Financial Regulation Announces Enhanced Participation in NMLS

On November 29, 2012, Commissioner Mark Kaufman announced that the Office of the Commissioner of Financial Regulation of Maryland will begin using NMLS, a nationwide licensing system, to manage Maryland Money Transmitter Licenses effective January 2, 2013.

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.

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.

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