The New York Department of Financial Services ("DFS") will transition budget planners and premium finance companies to the National Multistate Licensing System and Registry ("NMLS"). This step is the most recent phase in the DFS plan to transition the license application and ongoing regulation of all New York operating non-depository financial institutions to NMLS.
NMLS allows companies to update and renew their licenses in one or more states via an online platform. Financial services companies will be able to transition budget planner and premium finance licenses to NMLS beginning on May 1, 2018.
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