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New York licensing

Do I need a debt collection license in New York?

Yes. New York requires a debt collection license issued by New York City DCA / NYS DFS.

State Laws

New York licensing laws

3 verticals covered for New York

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Reviewed by Cornerstone Staff28 years of financial services state licensing experience

This guide covers 3 regulated activities in New York: New York Debt Collection Laws & Regulations, New York Money Transmitter Laws & Licensing, and New York Mortgage Laws & Licensing Requirements. For each one, the summary below names the state agency in charge. It shows whether a license or registration is required. It also shows whether New York calls for a surety bond before you can operate.

Oversight in New York runs through New York City DCA / NYS DFS and New York DFS. All 3 of them need a surety bond before you can operate. The bond protects the state and your customers if you break the rules tied to your license.

States change their statutes and fee schedules often. Treat the details below as a starting point. Confirm the current rule with the regulator before you file. When you are ready, Covered by Cornerstone can prepare and submit the New York filings for you. We track every renewal date and keep your license in good standing year after year.

debt collection

New York Debt Collection Laws & Regulations

Comprehensive guide to debt collection licensing requirements, regulations, and filing obligations in New York. Learn about licensing fees, bond requirements, key statutes, and regulatory bodies governing third-party debt collectors in New York.

Application process

To obtain a debt collection license in New York, applicants generally need to submit a completed application to the New York City DCA / NYS DFS, provide a surety bond of $25,000, pass background checks for all control persons, and meet net worth or financial requirements. The application review typically takes 30-90 days.

Renewals

Debt collection licenses in New York generally require annual renewal. Renewal generally involves submission of a renewal application, payment of renewal fees, updated surety bond confirmation, and any required annual reports. Late renewals may incur additional penalties.

Third-party debt collectors operating in New York are also generally expected to comply with the federal Fair Debt Collection Practices Act (FDCPA). New York may impose additional requirements beyond federal standards, including restrictions on communication methods, required disclosures, and limitations on fees that may be collected.

Key statutes

  • New York City Consumer Protection Law (NYC Admin Code § 20-489) . Debt collection licensing in NYC
  • New York Debt Collection Procedures Law (CPLR Article 52) . State-level collection procedures

money transmitter

New York Money Transmitter Laws & Licensing

Complete guide to money transmitter licensing in New York. Covers application requirements, surety bond amounts, net worth minimums, FinCEN registration, and key statutes governing money transmission in New York.

New York money transmitter requirements at a glance

New York money transmitter licensing requirements
Surety bond $500,000
Minimum net worth $500,000
Renewal cadence Annual
FinCEN MSB registration Required

Application process

To obtain a money transmitter license in New York, applicants generally need to submit a completed application to the New York DFS, provide a surety bond of $500,000-$5,000,000, demonstrate minimum net worth of $500,000, provide audited financial statements, implement a comprehensive BSA/AML filings program, and pass background checks for all control persons. Many states now accept applications through NMLS. The application process typically takes 3-12 months depending on the state and complexity of the applicant's business model.

Renewals

Money transmitter licenses in New York generally require annual renewal. Renewal typically requires submission of audited financial statements, updated surety bond, quarterly or annual transaction reports, BSA/AML filing documentation, and payment of renewal fees. Some states require call report filings on a quarterly basis throughout the year.

Money transmitters operating in New York are also generally expected to register with FinCEN as a money services business (MSB) and implement a comprehensive BSA/AML filings program. This includes appointing a filings officer, developing written policies and procedures, conducting employee training, filing Currency Transaction Reports (CTRs), and submitting Suspicious Activity Reports (SARs). New York may have specific requirements for cryptocurrency and virtual currency businesses.

Key statutes

  • New York Money Transmitter Act (NY Code) . State-specific money transmission regulation
  • Bank Secrecy Act (Federal) (31 U.S.C. § 5311) . Federal BSA/AML requirements for money services businesses

mortgage

New York Mortgage Laws & Licensing Requirements

Complete guide to mortgage licensing requirements in New York. Covers MLO licensing through NMLS, lender and servicer licensing, bond requirements, and key statutes governing mortgage origination and servicing in New York.

Application process

Mortgage companies generally apply through the NMLS (Nationwide Multistate Licensing System) for New York mortgage licensing. Requirements include a completed MU1 form, surety bond, audited financial statements, business plan, background checks (FBI criminal and credit) for all control persons, and net worth requirements. Individual MLOs are generally required to complete pre-licensing education (20 hours minimum including 3 hours of federal law, 3 hours of ethics, 2 hours of non-traditional lending, plus New York-specific hours), pass the SAFE MLO test, and submit an MU4 form through NMLS.

Renewals

Mortgage licenses in New York are renewed annually through NMLS. Company renewals require updated financial statements, bond confirmation, and payment of renewal fees. MLOs are generally required to complete continuing education (8 hours minimum annually, including New York-specific requirements) and pay renewal fees through NMLS. The renewal period typically runs November 1 through December 31.

All mortgage companies and MLOs operating in New York are generally required to be registered through NMLS. New York participates in the CSBS multi-state licensing process. Additional requirements may include maintaining a physical office, appointing a qualified individual, and filings with both state and federal regulations including TILA, RESPA, and the Dodd-Frank Act.

Key statutes

  • SAFE Act (Federal) (12 U.S.C. § 5101) . Federal framework for MLO licensing through NMLS
  • New York Mortgage Lending Act (NY Code) . State-specific mortgage lending and servicing regulation in New York

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Bonds and insurance in New York

Where New York conditions a license on a posted surety bond, these pages carry the statutory bond amount and filing steps.

Get a New York surety bond quote Explore business insurance

New York regulator contacts

The state agencies that issue and oversee the licenses above.

  • New York City DCA / NYS DFS debt collection licensing
  • New York DFS money transmitter, mortgage licensing

Planning tools and data

Scope a New York expansion before you file.

Download the New York dataset (CSV) License, bond, fee, and renewal data for New York in one file.
Regulatory Watch

Stay Ahead of the Rules

Recent rule changes, deadline announcements, and state agency updates we are tracking for you.

  • Action New York Department of Financial Services NY Jul 13, 2026

    DFS Final Adoption for Agent Training Allowance Subsidies Under 3rd Amendment to 11 NYCRR 12

    DFS's insurance regulatory activity page shows final adoption dated July 8, 2026 for Agent Training Allowance Subsidies for Certain Life Insurance and Annuity Business under the 3rd Amendment to 11 NYCRR 12, Insurance Regulation 50. The item reflects a completed state rulemaking step during the period.

    Read explainer
  • Watch New York Department of Financial Services NY Jul 13, 2026

    DFS Pre-Proposed Eighth Amendment to 11 NYCRR 16, Special Risk Insurance

    New York DFS posted pre-proposed outreach on July 1, 2026 for the Eighth Amendment to 11 NYCRR 16, Insurance Regulation 86, Special Risk Insurance. Outreach comments were due July 13, 2026.

    Read explainer
  • Action New York State Department of Financial Services NY Jul 12, 2026

    New York DFS adopted 3rd Amendment to Insurance Regulation 50

    On July 8, 2026, DFS posted final adoption of the 3rd Amendment to 11 NYCRR 12, Insurance Regulation 50. The amendment concerns agent training allowance subsidies for certain life insurance and annuity business.

    Read explainer
  • Watch New York State Department of Financial Services NY Jul 12, 2026

    New York DFS pre-proposed outreach on Special Risk Insurance amendment

    On July 1, 2026, DFS posted pre-proposed outreach for the Proposed Eighth Amendment to 11 NYCRR 16, Insurance Regulation 86, concerning Special Risk Insurance. Comments were due July 13, 2026.

    Read explainer
  • Action New York DFS NY Jul 11, 2026

    Motor Vehicle Insurance Reforms Circular Letter No. 3

    On July 1, 2026, New York DFS issued Insurance Circular Letter No. 3, 2026 on motor vehicle insurance reforms.

    Read explainer