Applying for money transmitter licenses through NMLS? This guide covers system navigation, state-specific checklists, and common pitfalls specific to money services businesses.
What is NMLS?
The Nationwide Multistate Licensing System (NMLS) is a secure, web-based platform and system of record used to manage non-depository financial services licensing and registration for participating state agencies, including money services businesses such as money transmitters. NMLS is the official system for applying for, amending, renewing, and surrendering license authorities managed through NMLS, but it does not itself grant or deny licenses; licensing decisions remain with each state regulator.
Related: What Is a Money Services Business (MSB)? MSB Registration Explained
Creating an NMLS Account
To begin, applicants must create a Company Account in NMLS by submitting a Company Account Request Form through the NMLS “Getting Started” section. This process involves identifying a Primary Account Administrator (and, in most current instructions, a Secondary Account Administrator as backup), who will manage submissions and users, and completing a one-time account setup for the company unless a record already exists.
System navigation
Once logged in, users have access to dashboards for applications, amendments, renewals, document uploads, and payment processing. The interface allows the Account Administrator to configure role-based access for different user types and provides tools for tracking filing status and communicating with regulators through system messages and license item conditions.
State-specific forms in NMLS
NMLS hosts both uniform forms and state-specific requirements. Uniform forms include the Company Form (MU1), the Individual Form (MU2), and, where applicable, the Branch Form (MU3) for branch locations, while many agencies also impose state-specific forms, checklists, attestations, and other items that must be completed for each jurisdiction where licensing is sought.
Exact fields and required supporting documents vary by state and license type; always review the NMLS checklist and state law for definitive requirements.
Document upload procedures
Supporting documents are uploaded within NMLS under the appropriate license application, amendment, or renewal section, in line with each state’s NMLS checklist. Typical uploaded documents include business plans, financial statements, compliance policies, organizational charts, and other items specified by state regulators, while background checks (criminal history, credit) are typically handled through NMLS’s integrated vendors (fingerprinting, IDV, credit pulls) rather than applicant-uploaded reports.
Tracking application status
NMLS provides status information on license applications, including initial completeness checks, regulator conditions and requests for additional information, and final approval or withdrawal statuses as updated by agencies. Users can monitor status through the dashboard and configure email notification settings in their NMLS user profile so they receive alerts when key status changes or regulator notifications occur.
Related: Brico's MSB Licensing Software automates application tracking
Fees and payment processing
For license authorities managed through NMLS, application, renewal, and certain related fees are submitted via the system’s integrated payment functionality using approved payment methods. Each state sets its own fee schedule, and applicants must review the NMLS state checklists to determine which fees are paid through NMLS versus those paid directly to regulators or third-party providers (for example, fingerprint vendors, background checks, and surety bond premiums).
Multi-State MSB Licensing Agreement (MMLA)
For applicants in multiple states, consider the MMLA program for coordinated review. Available for companies seeking licensure in more than five participating states. Access details via NMLS Resource Center.
Non-NMLS states and license types
Not all license types or jurisdictions use NMLS for money transmitter or money services business licensing, and participation continues to evolve over time. Applicants should not rely on a static list of “non‑NMLS” states; instead, they must confirm for each state, territory, and specific license type whether NMLS is used and follow any separate application and payment procedures where a regulator does not administer that license through NMLS.
Common NMLS issues and solutions
Frequent challenges for money transmitter applicants include:
- Incomplete or inconsistent responses in MU forms
- Failure to satisfy state-specific checklist items
- Missing or improperly formatted uploads
- Payment or fee allocation errors across multiple jurisdictions.
Careful use of state NMLS checklists, early review of required documentation, adherence to NMLS user guides and tutorials, and proactive coordination of multi-state timelines help reduce avoidable delays and regulator deficiency notices.
Why Brico?
Brico automates NMLS money transmitter licensing—pre-filling MU1/MU2 forms, tracking multi-state statuses, and managing uploads so teams cut time by 75% and costs by 50-90%. Book a demo to discuss your roadmap.
Disclaimer: This article is for informational purposes only and does not constitute legal, financial, or regulatory advice. Brico is not a law firm and does not provide legal counsel. Licensing requirements vary by state and depend on your specific business model and circumstances. You should consult with qualified legal counsel before making any licensing decisions or taking action based on this content.
