The Wisconsin Department of Financial Institutions (DFI) announced that the agency will begin accepting applications for a new money transmitter license through the Nationwide Multistate Licensing System (NMLS) on Oct. 1.
Gov. Tony Evers created the new money transmitter license when he signed 2023 Senate Bill 668, now 2023 Wisconsin Act 267, into law on April 4. The legislation repealed the entirety of Chapter 217 of the Wisconsin Statutes and replaced it with model legislation, known as the Money Transmission Modernization Act, for governing the licensing and regulation of money transmitters to create uniform nationwide standards for these entities. The new law takes effect on Jan. 1, 2025.
In addition, 2023 Wisconsin Act 267 made numerous changes to the DFI’s regulation of nondepository financial service providers. It authorized the DFI to require nondepository financial service providers to use NMLS for licensing, renewal, and other required regulatory filings. The legislation also revised certain licensing and regulatory provisions of collection agencies, and it revised licensing and regulatory provisions of certain licensed consumer lenders, which generally are lenders other than banks, savings banks, savings and loan associations, or credit unions.
For more information on the new money transmitter license, visit the DFI’s money transmitter webpage, review the updated Wisconsin state licensing requirements within NMLS on Sept. 3, or contact the DFI’s Licensed Financial Services Bureau by calling (608) 261-7578.
