Insurance premium finance companies and budget planners can transition to the Nationwide Multistate Licensing System and Registry on May 1, the New York Department of Financial Services announced.

Starting on that date, licensees will have the option to use the online system for license activities, which is expected to ease the process for them. Premium finance companies advance funds to insurance companies to pay premiums on behalf of insureds, and receive repayments over time from them. Budget planners are nonprofit organizations such as credit counseling and financial planning agencies, which contract with debtors to pay money periodically to them while they, in turn, redistribute the funds among the creditors. Both types of businesses are licensed by the DFS.

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