Wisconsin Collection Agency, Currency Exchange, Insurance Premium Finance Company, & Loan Company Licenses Transitioning to Nationwide Multistate Licensing System & Registry in 2025

MADISON, Wis. – The Wisconsin Department of Financial Institutions (DFI) today announced, starting January 1, 2025, the agency will begin using the Nationwide Multistate Licensing System and Registry (NMLS^®) to manage collection agency, currency exchange, and insurance premium finance company licenses and will require the transition of licenses to NMLS^® for loan company licenses. These requirements result from the publication of 2023 Wisconsin Act 267, effective January 1, 2025, which revised section 224.35 of the Wisconsin Statutes relating to the use of NMLS^® by the agency.

“We are pleased to expand implementation of NMLS^® within our agency, allowing us to extend its efficiencies and heightened oversight across additional financial service sectors in Wisconsin,” said DFI Secretary Cheryll Olson-Collins. “NMLS^® is a secure, web-based, nationwide licensing platform that enables companies to apply for, update, and renew their licensing authorities conveniently and securely online, across multiple states. Our broader adoption of NMLS^® will bolster our operational capabilities and strengthen our supervision of collection agencies, currency exchanges, insurance premium finance companies, and loan companies by establishing connections with other states to safeguard consumers.”

NMLS^® is a national database developed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators that streamlines licensing, renewal, and other regulatory filings for both licensees and regulators. The system also promotes collaboration among state regulators to minimize repetitive tasks for both regulators and licensees operating across multiple states. Currently, 67 state or territorial governmental agencies use the system to accept and process license applications and registrations.

Starting on January 1, 2025, the DFI will require all companies holding loan company, insurance premium finance company, collection agency, and currency exchange licenses to have a complete record in NMLS^® and submit it to the DFI for approval by January 31, 2025, March 31, 2025, May 31, 2025, and September 30, 2025, respectively. Any company wishing to apply for a license must do so through NMLS^® starting on January 1, 2025.

The DFI will send an email to each licensee with detailed instructions for transitioning their company and branches to NMLS^®. For more information, licensees should review the updated Wisconsin state licensing requirements within NMLS^® or contact the DFI’s Licensed Financial Services Bureau by calling (608) 261-7578 or emailing DFI_LFS@dfi.wisconsin.gov.

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.