MD Office of Financial Regulation Adds Collection Agency Licenses to NMLS

Effective April 1, 2022, the Maryland Office of the Commissioner of Financial Regulation (Maryland OCFR) began managing the Exempt Collection Agency Registration through NMLS.  Companies holding the Exempt Collection Agency Registration must transition to NMLS by June 30, 2022.  A company that does not transition its registration into NMLS will no longer be considered registered.

Registrants that do not currently have an account in NMLS will be required to create and maintain an account in NMLS, input certain information, and upload various required documents to the NMLS.

Companies currently holding the Maryland Exempt Collection Agency registration are required to submit a registration transition request through the NMLS by filing a Company Form (MU1) and the Individual Form (MU2) for every control person by the aforementioned deadline.  Additionally, a company must complete and submit a Branch Form (MU3) through NMLS for each branch holding a Branch Exempt Collection Agency.