Having Trouble With Your NH Banking Dept. License? Register and Transition to NMLS NOW

All retail sellers must register, transition and renew by 12/31/22.

We have recently been notified by the NH Banking Department (NHBD) that several NHADA members may not have registered with the NMLS and/or transitioned their Retail Sellers License or Sales Finance Company License to the NMLS. 

The NMLS process can take multiple weeks to complete. December 31st is the deadline. After then, dealers are prohibited from assisting customers in financing vehicles.

Do not delay this process. If you are yet to make the transition, one or more of the below may be resourceful to you:

• I HAVE NOT YET TRIED TO REGISTER AND TRANSITION MY LICENSE TO NMLS:
  Please click here to begin the process.
  
  
• I AM HAVING DIFFICULTY WITH REGISTRATION ON NMLS:
  Please CLICK HERE to let us know what difficulty you are having. NHADA is working closely with the NH Banking Department on the NMLS registration process.
  
  
• PERMIT SENATOR HASSAN’S OFFICE TO ENGAGE DIRECTLY WITH THE IRS ON YOUR BEHALF TO ATTEMPT TO RESOLVE YOUR DIFFICULTY. 
  Note: This route has been successful for many members thus far
  After completing the survey if you would like Senator Hassan’s office to open up an inquiry on your behalf with the IRS in reaching a solution to the difficulty in getting contact or getting the required paperwork please use THIS FORM and return it to NHADA at dbennett@nhada.com, who will submit it on your behalf. Please note: you will need to indicate the business name and a contact name. Indicate the company EIN in lieu of a social security number and do not indicate the date of birth.
  
  
• When contacting the IRS direct, please call: 800-829-4933; prompts 1-1-3. Calling at the start of the day (7 AM) seems to yield the best results.
  

Background on the NMLS Process:

NHADA and the NHBD have been doing frequent messaging on this issue for some time now. Please see the below background information.

Background: 

House Bill 610 went into law on October 9, 2021, and requires all NHBD licenses (retail seller and sales finance in the motor vehicle realm) to be maintained on the Nationwide Multi-State Licensing System (NMLS).

The transition request is a two-step process.  The company must create an account with the NMLS, which can take up to four weeks. Once the company account is created they then need to complete the transition by creating an MU1 (application) and MU2 (for individuals).

To create the company account, the dealership needs a copy of the NH Secretary of State Good standing form AND a copy of either IRS SS-4 (issued when set up with the IRS) OR IRS 147C letter. These IRS documents appear to be the major sticking point for many of the businesses that NHADA has been working with. Many companies no longer have these original documents or it can be very time-consuming and/or costly to track down. In addition, many of the original 147C letters do not match the current tax ID due to a name change during the course of business (examples: dealers who have dropped line makes that no longer exist (Oldsmobile) or simply dropped an existing line make (Lincoln)).  

If a licensee is not fully transitioned to NMLS by 12/31/22 their license will expire. License renewal begins 11/1/22.

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

NMLS NHBD REGISTRATION SURVEY

 If you have any questions please contact me at 603-224-2369, or via email at dbennett@nhada.com.