Apply for a Regulated Lender License

If you have specific legal questions, please seek the advice of an attorney.

Review the information below before applying for a Regulated Lender license through NMLS.

Who Needs a Regulated Lender License?

Businesses engaged in lending activities regulated under Chapter 342 of the Texas Finance Code may be required to obtain a Regulated Lender license. In general, regulated consumer loans are loans made at interest rates greater than 10%. Non-depository lenders that make, transact, or collect these loans must be licensed by the OCCC. The most common regulated loans are made under one of two rate structures authorized by Chapter 342 of the Texas Finance Code.

This is a general description and may not apply to every situation. Review applicable laws and regulations to determine whether licensure is required for your business activities.

Not sure if you need a license? Each business is responsible for determining its own licensing obligations. OCCC staff cannot determine whether a particular business activity requires licensure or advise applicants which license or registration type to select. Businesses seeking guidance may wish to consult a regulatory attorney or regulatory consultant.

How Do I Apply?

Applications must be submitted through NMLS.

• New applicants must create an NMLS account before applying.
• Existing NMLS users should apply through their entity’s NMLS account.
• Be prepared to provide information and documentation required by the application checklist.

Before you begin: If your business operates as an LLC, corporation, partnership, or other registered entity, ensure any required registrations with the Texas Secretary of State, Texas Comptroller, and other applicable governmental agencies have been completed before creating your NMLS account.

If you do not have an NMLS account, obtain IRS documentation that exactly matches your legal entity name and FEIN before beginning the account creation process.

Need an NMLS Account?

Review the NMLS Quick Tips resource to create your account.

For assistance with account creation, system navigation, or document uploads, contact the NMLS Call Center at 1-855-665-7123.

What License Type Should I Select?

• The first Regulated Lender license issued to an entity is a Company License.
• Additional licensed locations operating under the same entity are licensed as Branch Licenses.

A Company License must be obtained before a Branch License may be issued.

Important: Please review the license types carefully before submitting your application as application and NMLS processing fees are non-refundable. Select Regulated Lender Company License for an initial license and Regulated Lender Branch License for an additional location operating under the same company.

How Long Does The Application Review Process Take?

Pursuant to applicable law, OCCC generally has up to 60 days to review a license application after an application is submitted through NMLS and the required application fee has been paid. Applications that are missing information, documentation, required forms, or responses to deficiencies may require additional review time. During periods of high application volume, review times may also increase.

To ensure a fair and consistent review process for all applicants, OCCC does not expedite application reviews or provide priority review services.

Additional Locations

If your company operates from more than one location, each additional location must be licensed as a Branch License. You must first apply for a Company License before applying for any Branch Licenses. Approval of the Company License application is not required prior to submitting Branch License applications.

Business Transfers and Ownership Changes

NMLS does not offer a transfer application for Regulated Lender licenses.

If a business acquires an existing Regulated Lender license and the acquisition results in a new FEIN, the acquiring business must submit a new Company License application through NMLS.

During the application process, upload documentation demonstrating the transfer event (such as a signed asset purchase agreement or similar supporting documentation) to the MU1 Document Uploads – Additional Requirement(s) section of NMLS. Name the file:

TX Proof of Transfer as of YYYY-MM-DD

For assistance with document uploads, review the NMLS Document Upload Guide.

If the seller has authorized the purchaser to operate under the seller’s license while the application is under review, applicants must also upload a completed Request for Permission to Operate form to the MU1 Document Uploads – Additional Requirement(s) section and name the file:

TX Permission to Operate as of YYYY-MM-DD

Has Ownership Changed, But the FEIN Remains the Same?

If the business FEIN remains the same, a new Regulated Lender license application is generally not required solely because ownership has changed. Instead, ownership information should be updated in the applicable MU1 Company Record. For assistance updating ownership information in NMLS, contact the NMLS Call Center at 1-855-665-7123.

What Information and Documents Will I Need?

Before applying, review the applicable application checklist:

• Regulated Lender Company License Checklist
• Regulated Lender Branch License Checklist

Most application delays result from missing information, incomplete documentation, or required forms not being uploaded through NMLS.

Need Help with NMLS?

OCCC staff cannot access applicant NMLS accounts, view account information, upload documents, or perform account maintenance on behalf of applicants. For assistance with account creation, system navigation, or document uploads, contact the NMLS Call Center at 1-855-665-7123, Monday through Friday, 9:00 a.m. to 9:00 p.m. ET.

Forms

Bank Confirmation

Business Plan

Financial Statement

Financial Statement (Supplemental Schedules 1-3)

Financial Statement (Supplemental Schedules 4-6)

Statement Regarding Previous Finance Transactions

Verification of Experience