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Michael Poulios, Consumer Credit Director, NH Banking DepartmentJul 28, 20222 min read

All Dealers with a Banking License Must Register with NMLS

The NH Banking Department called NHADA to let us know that the Department sent the following warning letter to Dealers-Retail Sellers who have not yet transitioned to NMLS.  If you received this letter, act ASAP to get registered with NMLS as it is a time consuming process! If you don't have your license, you can't help customers with financing.  Here is a copy of the letter: 

House Bill 610 went into law on October 9, 2021 and requires all licenses to be maintained on the NMLS system.  An e-mail and letter were sent out to the Licensing contact person that we had on file at the time in September 2021.  At this time it does not appear that the company has completed this requirement.  If you believe that you have please contact Licensing at licensing@banking.nh.gov or at 603-271-8675.

PARTNER SPOTLIGHT

FAILURE TO TRANSITION ONTO THE NMLS WILL IMPACT RENEWAL AS THE COMPANY WILL NEED TO RENEW VIA THE NMLS

Please do not wait until the last minute to start this process request to create an account.  Once the company account is created you will then need to complete the transition by creating an MU1 (application) and MU2 (for individuals)

NOTE:  TO CREATE THE COMPANY ACCOUNT YOU WILL NEED A COPY OF THE NH SECRETARY OF STATE GOOD STANDING AND A COPY OF EITHER IRS SS-4 (issued when set up with IRS OR IRS 147C LETTER).

There is no processing fee for transitioning an existing license onto the NMLS nor do you need to complete either a criminal or credit check again unless adding a new control person.  Be sure to follow the instructions for a Company and not an Individual even if you are a Sole Proprietor.

More information about the NMLS can be found on the NMLS Resource Center. 

The NMLS Resource Center provides step-by-step instructions on how to access the system, guides on how to complete the forms, transition plans, requirements, and tutorials.  Using your mouse click on the link below to a PowerPoint presentation that outlines the process:

https://mortgage.nationwidelicensingsystem.org/slr/Documents/Company%20Request%20Form%20Supplement.pdf

If you have any questions regarding the change to the statute which requires maintaining the company license on the NMLS please do not hesitate to contact Licensing at licensing@banking.nh.gov or 603-271-8675.       

For specific questions about how to transition, contact the NMLS call center at 1-855-NMLS-123 (1-855-665-7123).

Michael Poulios, Consumer Credit Director, NH Banking Department

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