Time is Running Out! Submit Your DFPI Annual Assessment Fee and Prepare for NMLS Annual Renewals!
As the end of the fiscal year approaches, California’s financial institutions face essential compliance deadlines. Among these, the Department of Financial Protection & Innovation (DFPI) Annual Assessment Fee and the upcoming NMLS Annual Renewals stand out as critical requirements that must not be overlooked.
DFPI Annual Assessment Fee Deadline – Don’t Miss It!
In September, the DFPI dispatched annual assessment invoices to all California Financing Law (CFL) licensees for the Fiscal Year 2023 – 2024. Compliance with this requirement is mandated by Financial Code section 22107. The clock is ticking, and the deadline for payments is just around the corner, on October 31, 2023. It is crucial to note that failure to submit the payment by this due date will result in delinquency.
The DFPI Annual Assessment is not just a routine task; it serves as a vital component of the regulatory framework that ensures the stability of California’s financial industry and safeguards the lending industry. Therefore, taking this deadline seriously and submitting your assessment fee on time is of utmost importance.
NMLS Annual Renewals – Prepare for November 1st!
Another significant compliance deadline awaits financial licensees with licenses housed on the Nationwide Multistate Licensing System (NMLS). Starting November 1st, NMLS Annual Renewals will open and remain accessible until December 31st. Each state agency has specific requirements for what must be submitted and by when. If you hold a Mortgage Loan Originator (MLO) license on NMLS, remember that you must fulfill all Continuing Education (CE) hours and have them logged in NMLS to successfully complete the renewal process.
It’s common for these year-end deadlines to slip one’s mind amidst the rush of everyday operations, but allowing your financial license to lapse is not an option. Prevent any last-minute scramble by acting proactively to prepare and file your renewal. If you find this process overwhelming, help is available.
Don’t Wait Until the Last Minute – Get Assistance Now!
To ensure a smooth and timely submission of your assessments and renewals, reach out for professional guidance and support. Consider contacting Jackellyn T. Davis, Esq., Head of Licensing and Corporate Compliance for Doss Law, LLP at jackellyn@dosslaw.com or (949) 346-8510. Her expertise and insights can help streamline the compliance process, reduce the risk of delays, and keep your financial institution in good standing with the regulatory authorities.
Remember, meeting these deadlines is not only a legal requirement but also a commitment to the integrity of California’s financial industry. So, act promptly, stay compliant, and ensure a strong start to the fiscal year ahead.
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