All student education loan servicers are required to use the Nationwide Multistate Licensing System & Registry (NMLS) for licensing and registration unless exempted by statute. Assistance to utilize the NMLS is available through a national call center at (855) NMLS-123 or (855) 665-7123. The Kentucky Department of Financial Institutions (DFI) has been a part of the NMLS since its launch in 2008.
How to License a Student Education Loan Servicer or Federal Student Education Loan Servicer:
- Review KRS 286.12 and the applicable administrative regulations under KAR 808, Chapter 16.
- Submit the application, surety bond, and all other required documents online via NMLS.
The initial application and license fee is $5,000. This fee covers the principal office and any branches.
How to Renew a Student Education Loan Servicer or Federal Student Education Loan Servicer:
- Review the renewal requirements under KRS 286.12.
- Submit renewal application and all required support documentation online via NMLS.
- Upload Student Loan Servicer Call Report into NMLS.
Licenses must be renewed each calendar year. All entities must renew and pay the annual assessment fee by December 1 of each year. The assessment fee covers the renewal fee for the principal office and any branches, and any examination-related costs incurred by DFI. If licensees fail to renew before the license expires on December 31, there will be a 30-day reinstatement period along with an additional $1,000 reinstatement fee in addition to the renewal fee.
For More Information
Contact Non-Depository Licensing Staff at 502-573-3390 or email@example.com with questions about applications, licensing, registration or exemptions.