Connecticut Now Requires Use of NMLS for Licensing Consumer Collection Agencies

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There is a new notice to non-mortgage consumer credit licensees in Connecticut. The following was posted on the Connecticut state website:

On June 17, 2015, the Commissioner elected to require use of the Nationwide Mortgage Licensing System (NMLS) for the following license types: Consumer Collection Agencies, Check Cashing Services, Debt Adjusters, Debt Negotiators, Money Transmitters, Sales Finance Companies and Small Loan Companies.

The order establishing requirements and interim procedures for system-based licensure for certain financial services industries addresses changes in requirements that will occur by operation of law and otherwise by order to enable participation in the System. It also sets forth detailed Interim Procedures regarding use of the NMLS by new applicants, existing licensees, and those with applications pending. Click here to review the CT Transition Plan.

Additional information is available on the NMLS website. You can also contact your Cornerstone Licensing Specialist.

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Posted in Collection Laws and Regulations, Connecticut, Debt Collection, State Licensing .

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