​Starting January 1, 2025, the Wisconsin Department of Financial Institutions’ Division of Banking will require licensees to use NMLS to manage currency exchange licenses. Through NMLS, your company will be able to apply for, amend, and renew its license authority conveniently and safely online. Transitioning your license onto NMLS is required and must be completed by September 30, 2025.  The purpose of this webpage is to provide you with important information to help you prepare to use NMLS.

NMLS is a secure web-based system created by state regulators to provide efficiencies in the processing of state licenses and to improve supervision of state-regulated industries. Through NMLS, companies maintain a single record which they use to apply for, maintain, renew, and surrender license authorities in one or more states. NMLS also contains functionality for the submission of financial statements, credit reports, and criminal background checks as required for currency exchanges.  The Division of Banking recognizes that these submissions, though more efficient in the long run, may present some initial operational and technical challenges to you as a licensee.  Links to training are provided below to assist the company in transitioning and should be used together with the WI Currency Exchange License Transition Checklist that is found in the NMLS Resource Center Checklist Compiler.

More information about NMLS can be found on the NMLS Resource Center.

Managing Your License on NMLS

Each company holding a currency exchange license will be required to manage their license on NMLS and must create a company record in the system, both for the company itself and for each branch holding a currency exchange license. Once the company (MU1) form and branch (MU3) forms have been completed and the surety bond has been converted to an electronic surety bond, they may be submitted electronically through NMLS to the Wisconsin Department of Financial Institutions starting on January 1, 2025.

NMLS is now available for you to create and begin completing your record.

How to Access NMLS

Note: If your company already has a record in NMLS, you do not need to do this step.

To gain access to NMLS for the first time, you must complete a Company Account Request Form and identify a Primary Account Administrator and a Secondary Account Administrator. This form can be submitted electronically through the NMLS website in the Getting Started section. This form needs to be submitted only once per company, regardless of the number of NMLS participating states in which you are licensed.

Within three days of completing and submitting the Company Account Request Form, the Primary Account Administrator will receive NMLS login information. The Primary Account Administrator for your company will have full rights to access the system, submit information to this agency and other participating state regulators, and set up other company users in the system. Instructions and tutorials on how to access and use the system are also available on the NMLS Resource Center.

Forms to Complete

Once you can access NMLS, you will need to submit the following through NMLS to the Wisconsin Department of Financial Institutions by September 30, 2025.

• Company Application (Form MU1)
• Submitted by Licensed Companies
• For more information, see the Submitting a Company (MU1) Form Quick Guide.

• Biographical Statement and Consent Form (Form MU2)
• Submitted by Licensed Companies for each Control Person (i.e., executive officer, member, owner)
• For more information, see the Submitting an Individual (MU2) Form Quick Guide.

• Branch Application (Form MU3)
• Submitted by Licensed Companies for each Licensed Branch
• For more information, see the Submitting a Branch (MU3) Form Quick Guide.

You may begin completing these forms prior to January 1, 2025, but will not be able to submit them to the Wisconsin Department of Financial Institutions until that date. See the Company (MU1) Form Filing Instructions if you are completing the Company (MU1) Form for the first time.

Note: If you have submitted these forms to another state, then you do not need to re-enter your company or branch records into NMLS. You will only need to identify the appropriate license type in Wisconsin and complete a few state-specific fields.

Fees

NMLS will annually charge a processing fee of $100 per company license, and $20 per licensed branch location renewed through the system. There is no processing fee for submitting a new application or transitioning an existing license onto NMLS.

There are no other NMLS processing fees. These processing fees pay for NMLS’ operations, including licensee system access 362 days per year, ability to maintain, renew and run reports on your licenses, and NMLS Call Center support.

NMLS Training

Training for these procedures is available in the form of recorded webinars and/or a self-paced e-learning package. You may complete all, none, or any of these items at your leisure by clicking the corresponding link below.

Completing the Company Account Request Form Recorded Webinar
Complete the MU1 Recorded Webinar
NMLS Basics for Companies e-Learning

As currency exchanges will be utilizing Electronic Surety Bonds, we suggest the Electronic Surety Bond Process be reviewed in the NMLS Basics for Companies e-Learning.

If you experience any issues during any part of the process, please contact the NMLS Call Center at 1-855-665-7123 for assistance with the process. The NMLS Call Center is available Monday - Friday from 9:00AM to 9:00PM Eastern Time.

NMLS Website

The NMLS Resource Center provides step-by-step instructions on how to access the system, guides on how to complete the forms, each state’s transition checklists and requirements, tutorials, current and future participating agencies, system alerts, system processing fees, and general background information. Training opportunities are also available in the News & Events section and from the home page.