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News Release – Thursday, August 11, 2016
IDFPR’s Financial Institutions Announce Enhanced Participation in NMLS
CHICAGO – Secretary Bryan A. Schneider with the Illinois Department of Financial and Professional Regulation (IDFPR) today announced that its Division of Financial Institutions is now utilizing the National Mortgage Licensing System (NMLS) to manage licenses that fall under the Transmitters of Money Act (TOMA), Payday Loan Reform Act (PLRA), Sales Finance Agency Act (SFA) and the Consumer Finance Installment Act (CILA).
“We are proud to be able to offer this nationwide regulatory framework to our licensees,” said Bryan A. Schneider, IDFPR Secretary. “By utilizing NMLS, we bring efficiencies in the processing of state licenses and improve our ability to supervise our licensees.”
NMLS is a secure, web-based, nationwide licensing system that allows companies to apply for, update, and renew their license authorities in one or more states conveniently and safely online. NMLS will allow IDFPR’s Division of Financial Institutions to improve its operations and provide better supervision of the TOMA, PLRA, SFA and CILA industries by linking with other states to protect consumers.
"As an Illinois Consumer Finance Installment Act (CILA) lender, OneMain appreciates the opportunity to work with the DFPR as they enhance their participation in the NMLS licensing system,” said Blake Hanlon, Vice President/Director, Government Relations. “OneMain uses the system in other states and appreciates its efficiencies."
NMLS began operations on January 2, 2008. Currently, sixty-two state agencies and six federal agencies use the system to accept and process license applications and registrations.
More information about NMLS can be found online on the NMLS Resource Center.
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