Year-End Compliance Blog

Year-End Compliance Deadlines for 2024

Urgent! Time is running out. CFL, BOI, NMLS, and more year-end compliance deadlines!  

As 2024 comes to a close, it’s crucial to ensure all your year-end compliance deadlines are handled on time and accurately. Don’t let the upcoming deadlines for key filings such as the Beneficial Ownership Information (BOI) report, DFPI Annual Filings, and NMLS Annual Renewals catch up to you.

Here’s What Needs to Be Done Before the End of the Year:

1.

DFPI Annual Assessment FeesDue October 31, 2024

The Department of Financial Protection & Innovation (DFPI) Annual Assessment Fee for all licensees must be submitted by October 31, 2024. Delinquency will result in penalties and complications. This fee is critical to maintaining your license in good standing.

2.

Beneficial Ownership Information (BOI) ReportDue December 31, 2024

Under the Corporate Transparency Act (CTA), your BOI report must be submitted before the year ends. Non-compliance can result in steep penalties of up to $500 per day. Ensure your business remains compliant by filing this report on time to maintain year-end compliance.

3.

NMLS Annual Renewals – Starting November 1, 2024Due December 31, 2024

Annual renewals for the California Financing Law (CFL), Mortgage Loan Originator (MLO), and other licenses under the Nationwide Multistate Licensing System (NMLS) will commence on November 1 and must be submitted on or before December 31, 2024. It is essential to ensure that all Continuing Education (CE) requirements are satisfied well before the deadline, and that your renewal is submitted as soon as possible to avoid potential penalties. Please note that certain licenses may not be able to conduct business after January 1, 2025, if the renewal is not completed and approved before the deadline.

4.

CFL Annual ReportDue March 15, 2025

The deadline for submitting the CFL Annual Report is March 15. All CFL licensees must file their reports by this date, failure to meet this deadline may result in penalties and affect the status of your license.

5.

Secretary of State – Annual Reports

To ensure full compliance by the end of the year, we encourage you to not only complete the necessary internal audits but also take the time to review your status with the Secretary of State to determine when your annual reports are due.

6.

Securities Exchange Commission – Annual Amendments

Additionally, if applicable, please remember to check your Form D notice filings to confirm the due dates for your annual amendments or whether you need to file a new notice in another state. Staying proactive with these filings will help avoid unnecessary penalties and keep your business in good standing.

Take Action Before Time Runs Out!

Filing last-minute could result in costly delays.

Year-End Compliance: Why Act Now?

  • Avoid Penalties: Non-compliance with any of these requirements could result in hefty fines, legal issues, and potential license lapses.

  • Stay Compliant: Ensure your business remains in good standing with all regulatory agencies.

  • Peace of Mind: Address all compliance requirements early to avoid stress and complications later.

Contact Us Today!

Don’t let these important deadlines slip through the cracks. Reach out to Jackellyn Davis at 949-346-8510 or via email at Jackellyn@DossLaw.com to get started right away. Filing at the last minute could lead to significant issues and delay timely approval of your reports.

Doss Law

Your Trusted Partner in Corporate Compliance.

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