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Utah consumer credit notification transfers to NMLS

August 16, 2024

On August 2, the Utah Department of Financial services sent a letter to all consumer credit notification filers notifying them that the state will transition all consumer credit notification to the NMLS. The letter cited a newly enacted law, SB 25, which stated that a company that would be required to file a Utah Consumer Credit Notification must be managed on the NMLS (covered by InfoBytes here). The letter outlined two steps licensees should take by August 26 to prepare for the transition: (i) companies must create a company record in the NMLS; and (ii) companies must complete the company (MU1) and Individual (MU2) forms.