Second Annual “Your License is Your Business” Renewal Campaign Now Underway

The State Regulatory Registry, LLC (SRR), operator of the Nationwide Multistate Licensing System (NMLS), has announced the launch of its second annual “Your License is Your Business” campaign, a nationwide effort to remind businesses and individuals working in non-depository financial services that “Your License is Your Business” and to encourage early renewal of licenses within NMLS. Building on the success of last year’s “Your License is Your Business” renewal campaign, SRR seeks to educate businesses and individuals, which hold more than 490,000 licenses that are managed in NMLS,  that submitting renewal requests in November as opposed to December significantly reduces the likelihood of a license being terminated on Jan. 1, 2016.

“This is because early submission for license renewal greatly increases approval by December 31,” said Sue Clark, director of Regulatory & Consumer Affairs for the Vermont Department of Financial Regulation and Chair of the NMLS Policy Committee. “In 2014, nearly 95 percent of all renewal applications submitted during November were approved by Dec. 31."

In comparison, only 51 percent of license renewals requested after Dec. 15 were approved by year-end.

“NMLS makes renewing a license easy, and yet too many licensees lose their ability to operate in January because they wait until the last minute to submit their renewal request,” said Clark.  

Submitting a license renewal request takes only a few minutes and can save hours of work later if the license was to expire.