Washington State Department of Financial Institutions

News Release

Friday, February 24, 2012

Contact

Lyn Peters, Director of Communications
PH (360) 902-8731 lyn.peters@dfi.wa.gov

Deb Bortner, Director Division of Consumer Services
PH (360) 902-0511 dbortner@dfi.wa.gov

FOR IMMEDIATE RELEASE:


DFI Announces Two-Part Expansion For Use Of The NMLS In 2012 For Licensees Doing Business In Washington State

Voluntary expansion is slated to include Money Transmitters and Currency Exchangers in April, followed by the addition of Check Cashers and Payday Lenders in July

OLYMPIA – The Washington Department of Financial Institutions (DFI) announced today that it will expand use of the NMLS, a nationwide licensing portal, to include two additional financial services industries.

DFI’s expansion onto the NMLS will take place in two stages and will be on a voluntary basis for companies. The first stage, beginning April 16, involves Money Transmitters and Currency Exchangers. The second stage starts in July and involves Check Cashers and Payday Lenders.

“The Department is proud to expand its use of NMLS,” DFI Director Scott Jarvis said. “This expansion brings the efficiencies and improved oversight of NMLS to more of the financial services industries doing business in Washington State.”

DFI currently uses the NMLS to manage Mortgage Broker, Consumer Loan and Mortgage Loan Originator licenses. Expanding the use of the NMLS in 2012 will further support DFI’s operations, provide better supervision of licensees and link the Department with other states to protect consumers.

NMLS began operations on Jan. 2, 2008 and currently 58 state agencies and six federal agencies use the system. NMLS is a secure, Web-based nationwide licensing system which allows companies to apply for and maintain their license in one or more states conveniently and safely online.

The Washington State Department of Financial Institutions will provide more detailed information directly to licensees involved in this NMLS expansion, which also will eventually provide consumers with the means to check on a wide variety of financial service providers.

More information about NMLS can be found online at: http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx.


About DFI
www.dfi.wa.gov ▪ 360.902-8700 ▪ 877.746-4334
The Washington State Department of Financial Institutions regulates a variety of financial service providers such as banks, credit unions, mortgage brokers, consumer loan companies, payday lenders and securities brokers and dealers. The department also works to improve financial education throughout Washington through its outreach programs and online clearinghouse www.dfi.wa.gov/financial-education. In addition to posting information about licensees and administrative actions, DFI uses the Web and social media to provide financial education information: http://www.twitter.com/FinEd4All, www.twitter.com/DFIConsumers, www.finlit.blogspot.com, www.youtube.com/user/WADFI, www.homeownership.wa.gov.

About Division of Consumer Services
www.dfi.wa.gov/cs ▪ 360.902-8703
The mission of the Division of Consumer Services is to protect consumers from illegal and fraudulent lending practices. The division accomplishes its mission through licensing, licensee examinations, investigations, and enforcing selected state and federal statutes and rules. Consumer Services regulates the business activities of consumer loan companies, mortgage brokers, money transmitters and currency exchangers, as well as check cashers and sellers, also known as "payday lenders." The Division is entirely self-supporting, with funding provided by licensing, auditing, and policing of regulated businesses and individuals. No money is received from the state General Fund or other public revenue source.

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