Starting Jan. 1, 2025, the Wisconsin Department of Financial Institutions (DFI) will adopt the Nationwide Multistate Licensing System and Registry (NMLS) to manage licenses for collection agencies, currency exchanges, and insurance premium finance companies, according to a press release. Additionally, loan company licenses will transition to NMLS as part of these changes. These updates are in accordance with 2023 Wisconsin Act 267, which takes effect on Jan. 1, and revises section 224.35 of the Wisconsin Statutes.
NMLS, developed by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR), is a national platform that simplifies licensing, renewal, and regulatory filings for licensees and regulators. By facilitating collaboration among state regulators, the system reduces redundancy for businesses operating across multiple states. Currently, 67 state and territorial agencies use NMLS to process license applications and registrations.
Beginning Jan. 1, all companies holding the following licenses must create a complete record in NMLS and submit it to the DFI for approval by the deadlines listed below:
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Loan company licenses: Jan. 31, 2025;
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Insurance premium finance company licenses: March 31, 2025;
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Collection agency licenses: May 31, 2025; and
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Currency exchange licenses: Sept. 30, 2025.
Companies seeking new licenses starting Jan. 1, must apply through NMLS.
For more information, licensees can review the updated Wisconsin state licensing requirements in NMLS or contact the Licensed Financial Services Bureau at (608) 261-7578 or DFI_LFS@dfi.wisconsin.gov.
