IDFPR is Banking Successes through National Mortgage Licensing System

The Division of Financial Institutions within the Illinois Department of Financial and Professional Regulation (IDFPR) 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).

By utilizing this national regulatory framework, IDFPR brings efficiencies in the processing of state licenses and improves ability to supervise 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.