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.
This communication is not intended to create or constitute, nor does it create or constitute, an attorney-client or any other legal relationship. No statement in this communication constitutes legal advice nor should any communication herein be construed, relied upon, or interpreted as legal advice. This communication is for general information purposes only regarding recent legal developments of interest, and is not a substitute for legal counsel on any subject matter. No reader should act or refrain from acting on the basis of any information included herein without seeking appropriate legal advice on the particular facts and circumstances affecting that reader. For more information, visit www.buchalter.com.