Attention CFL Licensees! NMLS Transition Update
We previously announced that the California Department of Financial Protection and Innovation (“DFPI”) published new regulations requiring that all California Financing Law (“CFL”) licensees must transition their licenses over to the Nationwide Multistate Licensing System (“NMLS”) electronic portal no later than December 31, 2021.
Since that announcement, our law firm has been helping dozens of CFL licensees transition to the NMLS portal. On December 16, 2021, the DFPI announced an extension to the deadline.
The new deadline for existing commercial CFL licensees to transition to the NMLS has been extended to March 15, 2022. A link to the DFPI’s extension announcement can be found HERE and on the DFPI website.
Doss Law, LLP has already successfully transitioned many CFL licensees to the NMLS. We will transition your business purpose CFL license onto the NMLS system for a flat fee of $2,000 plus any out of pocket expenses. If you don’t transition your CFL license by March 15, 2022, then the DFPI will cancel it. That would be a shame since it costs several thousands of dollars, a lot of your time and 3-4 months processing time to get a new one.
The NMLS system is one confusing maze. Yes, you could probably figure this out yourself eventually, but only after a ton of wasted time and frustration.
To get started, new clients will need to sign our standard engagement letter and prepay $1,000 of our fee. Existing clients in good standing will just be billed incrementally. If you want us to handle this for you, fill out this input form at this link: Conversion Input Form and email it back to either:
© Doss Law, LLP. Attorney advertising materials. These materials have been prepared for educational purposes only and are not legal advice. This information is not intended to create an attorney-client relationship. Consult a knowledgeable lawyer before implementing any of the ideas in this publication.
