December 3, 2021

Volume XI, Number 337

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December 03, 2021

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NMLS Transition for California Financing Law Licensees: December 31, 2021 Deadline

Licensees and applicants under the California Financing Law are reminded of the following:

  • Licensees under the California Financing Law not currently on NMLS must transition onto NMLS by December 31, 2021.

  • New applicants under the California Financing Law may only apply through NMLS.

  • Existing licensees under the California Financing Law on NMLS must convert to an electronic surety bond through NMLS.

For new applicants applying for a license through NMLS and licensees transitioning to NMLS, begin by selecting “Getting Started” from the NMLS Resource Center page. NMLS has state-specific checklists to assist new applicants and licensees transitioning onto NMLS, and FAQs for guidance on transitioning a license onto NMLS.

For licensees seeking information on converting to an electronic surety bond, background on the electronic surety bond process is available here.

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.

Questions may be directed to CFL.Inquiries@dfpi.ca.gov or (866) 275-2677.

Copyright © 2021, Sheppard Mullin Richter & Hampton LLP.National Law Review, Volume XI, Number 294
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About this Author

Moorari Shah Bankruptcy Lawyer Sheppard Mullin Law Firm
Partner

Moorari Shah is a partner in the Finance and Bankruptcy Practice Group in the firm's Los Angeles and San Francisco offices. 

Areas of Practice

Moorari combines deep in-house and law firm experience to deliver practical, business-minded legal advice. He represents banks, fintechs, mortgage companies, auto lenders, and other nonbank institutions in transactional, licensing, regulatory compliance, and government enforcement matters covering mergers and acquisitions, consumer and commercial lending, equipment finance and leasing, and supervisory examinations,...

213-617-4171
A.J. S. Dhaliwal Bankruptcy Attorney Sheppard Mullin Washington DC
Associate

A.J. is an associate in the Finance and Bankruptcy Practice Group in the firm's Washington, D.C. office. 

A.J. has over a decade of experience helping banks, non-bank financial institutions, and other companies providing financial products and services in a wide range of matters including government enforcement actions, civil litigation, regulatory examinations, and internal investigations.

With a diversified regulatory, compliance, and enforcement background, A.J. counsels financial institutions in matters involving...

202-747-2323
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