NMLS Transition Update for Existing California Financing Law Licensees: CA DFPI has Extended the Deadline for Submitting Company (MU1) and Covered Person (MU2) Transition Applications to March 15, 2022
December 17, 2021
By: Melissa Richards
Earlier this year, we reported that the California Department of Financial Protection and Innovation (CA DFPI) published new regulations requiring all existing commercial lenders and brokers licensed under the California Financing Law (CFL) to transition their licenses over to the Nationwide Multistate Licensing System (NMLS) electronic portal by December 31, 2021. See Here and Here for our earlier articles and links to application forms, CA DFPI’s transition checklist and FAQs. CA DFPI’s NMLS transition regulations for CFL licensees took effect October 1, 2021 and can be accessed Here.
On December 16, 2021, CA DFPI formally announced a 75-day extension of its deadline for all existing commercial CFL licensees to submit their Company (MU1) and Covered Person (MU2) license transition applications through the NMLS portal. The new deadline for transition application submission is March 15, 2022. The link to CA DFPI’s announcement is Here.
Buchalter’s leading Commercial Finance Group and its multistate licensing team stand ready to support our CFL licensed clients in their NMLS transition. Please reach out to our team members listed below for assistance in understanding CA DFPI’s CFL transition instructions as well as the filing and processing of license transition applications through the NMLS online portal.
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