RegFi Podcast Navigating Multistate Licensing and Supervision in a Digital Era
13 snips
Apr 30, 2025 AI Snips
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Episode notes
State Regulation Origins
- Historically, state regulators primarily oversaw non-bank financial services localized in communities.
- Maryland merged consumer credit regulation with banking, showing the localized regulatory history.
Evolution Of NMLS System
- The NMLS system evolved from mortgage-specific licensing to a broad, multi-state system for various non-bank financial services.
- This centralization helps standardize applications and facilitates multi-state regulatory coordination.
Prepare For NMLS Licensing
- Applicants should prepare detailed business plans, control person info, background checks, and condition documents for NMLS filings.
- Requirements vary by state and product, with consumer licenses demanding more disclosure than commercial ones.