Collection Agencies, Managers and Repossesors: Forms and Applications
License Applications:
The Financial Institutions Division will now accept a scanned copy of any license application electronically. Applicants have the option to upload all required documents via the secure email portal, Mail Express.
Collections and Repossessors License Renewal Period:
The Financial Institutions Division (FID) is now accepting collections and repossessor license renewals. The packets must be submitted no later than May 31, 2020. Please be aware that due to the 2019 legislative changes affecting collections licensing, for the 2020 renewal period only, all original and renewal collections agency, manager, and branch licenses will be valid for six months instead of twelve, pursuant to § 61-18A-7 NMSA 1978.
This change is due to the anticipated migration of the entire collections licensing process to the National Multistate Licensing System (NMLS), which is scheduled to take effect on January 1, 2021. As such, the corresponding 2020 fees will be one-half of their normal amount. To this effect, all the application templates have been modified and are now available for download.
We ask that when the renewal period opens, the new application formats be used, and that the fees sent to the Division be for the correct amount, as shown in the corresponding application, in order to minimize errors. When licensees are migrated to the NMLS system starting in 2021, the licensing process, including applicable fees, will return to the normal 12-month cycle, with licenses having a duration from January 1 to December 31 of each year.
Coronavirus Update:
We are currently accepting applications normally, and as long as we receive the application by the due date, we will consider it a timely submission.
All applications, exhibits, and applicable fees submitted after May 31, 2020, will result in a mandatory delinquency fee of five dollars ($5.00) per day for each licensee delinquent in filing the renewal application pursuant to §61-18A-30 NMSA 1978.
As we continue to monitor the situation, we may make alternative arrangements, as we understand the pandemic response is affecting all businesses and individuals and we will work with our licensees the best we can going forward to avoid any negative impact to them as they deal with this situation.
For detailed instructions on how to access and the use portal, click here. Please use the subject line and sender email address listed below for the specific application to be submitted.