The National Multistate Licensing System (NMLS) is a database system used by state-level regulatory agencies to manage the licensing and registration of non-depository financial services companies, including mortgage companies, money transmitters, and debt collectors. It is operated and owned by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR).
Money services businesses, such as money transmitters, are required to use the NMLS for licensing and registration purposes. The advantage of using the NMLS for money transmitter licensing application filing is that it streamlines the process for companies by allowing them to submit and maintain their licensing information in a centralized database, rather than having to file separately with each state they operate in. Additionally, the NMLS allows regulatory agencies to easily access and share information about the companies they regulate, which helps to ensure compliance and prevent fraud.
This page was last updated on January 26, 2023.