| Date: | 11/14/2018 |
|---|---|
| Referenced Sources: | Uniform Authorized Agent Reporting (UAAR) |
The Massachusetts Division of Banks (Division) will utilize the NMLS Uniform Authorized Agent Reporting (UAAR) functionality to fulfill check seller agent reporting requirements. Your company will be required to complete your agent upload in the system.
This functionality will replace the Division’s current authorized agent/delegate location reporting process. After your initial upload, your company will be required to report through NMLS any changes to this information on a quarterly basis. Quarterly reports are due 45 days after quarter end. There is an annual NMLS processing fee of twenty-five cents ($.25) for each active authorized agent/delegate location with no fee for companies with fewer than 100 active agents and the maximum fee capped at $25,000.
The Division recognizes that adopting this process, though more efficient in the long run, does present some initial operational and technical challenges to you as a licensee. With those challenges in mind, the State Regulatory Registry (SRR), the entity responsible for operating NMLS, offers a free online video tutorial to help address any policy or operational questions, and help walk your company through its initial upload of authorized agent/delegate information in NMLS.