Licensed under Wis. Stat. s. 218.02, adjustment service companies help consumers with budgeting and debt resolution options.
NMLS Transition Information
Revisions to Wisconsin’s Adjustment Service Company Administrative Rule, Wis. Admin. Code ch. DFI-Bkg 73, became effective on September 1, 2023. The changes require:
- Licensees to transition to the Nationwide Multistate Licensing System & Registry ("NMLS") by October 31, 2023.
- Financial statements to
be uploaded to NMLS within 90 days after the licensee’s fiscal
year-end. The filing must include the balance sheet and income
statement and must be prepared in accordance with generally accepted
accounting principles.
- New owners/officers to request a credit report and criminal history report through NMLS.
- Material information to be kept current and accurate on NMLS. If the information changes in any material respect, the licensee must update NMLS within 10 days after the change.
- Annual renewals to be submitted thru NMLS. It also indicates that if a licensee fails to renew by the required due date, the licensee can reinstate its license by filing the renewal thru NMLS, paying the renewal fee, submitting all required renewal documentation, and paying a $100 non-refundable reinstatement fee. The reinstatement period will close on February 28th of each year.
Transition related resources for licensees are linked below.
Frequent Links
*Note: Entities that
maintain their licenses on the Nationwide Multistate Licensing System
& Registry (NMLS) must submit applications and amendments through NMLS.
Common Tasks
*Note: Entities that
maintain their licenses on the Nationwide Multistate Licensing System
& Registry (NMLS) must submit amendments through NMLS.
Helpful Information
- Cybersecurity Resources
Cybersecurity 101 – a
resource developed by the Conference of State Bank Supervisors intended
to be an easily-digestible, non-technical reference guide to help
executives develop a comprehensive, responsive cybersecurity program in
line with best practices.
- Ransomware Self-Assessment Tool – a resource developed by the Conference of State Bank Supervisors in conjunction with the Bankers Electronic Crimes Taskforce and the United States Secret Service which contains important controls that all types of companies should use to assess their efforts to mitigate risks associated with ransomware and to identify opportunities for increasing security.
Contact Us
Phone: (608) 261-7578
Email: DFI_LFS@dfi.wisconsin.gov