Press Release

Ballard Spahr Launches Ballard360 LicenSync Tracker

August 8, 2022

To help financial services companies manage the federal approvals, state licenses, and foreign “doing business” registrations they are required to maintain—and avoid penalties for non-compliance—Ballard Spahr has launched Ballard360 LicenSync.

The project management tool is customizable to financial services companies—from start-ups and digital innovators to established institutions—handling residential and commercial mortgages; student, consumer, and solar loans; retail installment contracts; cryptocurrencies; money transmission; and other matters. LicenSync was created by Ballard Spahr’s Client Value and Innovation Team in partnership with the firm’s nationally top-ranked Consumer Financial Services (CFS) Group. It contains:

  • A Go-to-Market Checklist that provides support in applying for new licenses, reporting changes of control, surrendering licenses, developing policies, and managing examination responses.
  • A list of all federal approvals, state licenses, and foreign “doing business” registrations held—or applied for—by the company, along with information such as approval date and license/registration number.
  • An interactive calendar that tracks upcoming regulatory reporting obligations for approvals, licenses, and registrations maintained in the tool (e.g., Mortgage Call Reports, Money Services Business Call Reports, annual renewals, periodic reporting obligations, financial statement submissions, examination or application response deadlines) and sends automatic email reminders about upcoming filing obligations.
  • A document library that serves as a historical record of all filings and other important information involving approvals, licenses, and registrations maintained in LicenSync.
  • A section that tracks important information about surety bonds held by the company, including the approval, license, or registration; the amount; and the expiration date.

A standard LicenSync tool is offered free to Ballard Spahr clients. While attorneys and licensing specialists working on specific engagements do charge legal fees, clients can choose to manage their own licensing portfolios for free, using their internal regulatory compliance teams.

“What distinguishes LicenSync is the level of customization that the partnership affords companies,” said Lisa Lanham, a CFS Partner and co-leader of the Fintech and Payment Solutions team who spearheaded the technology effort with the Client Value and Innovation Team. “There is no ‘one size fits all’ model for creating a healthy licensing maintenance program. Our goal was to create a tool flexible enough to meet varying individual needs that could be administered by attorneys and licensing specialists who focus on 50-state consumer financial services regulation and understand the issues at play. Our clients are never truly alone when using LicenSync. Whether they are managing their own licensing portfolios or prefer our CFS practice to do the heavy lifting, they always have the full force of a top-ranked CFS practice as a second set of eyes.”

LicenSync is completely customizable. Companies receive reminders and updates at the time of their choosing. Bespoke legislative tracking programs can be created to alert companies to upcoming federal and state legislative or regulatory measures, along with helpful summaries. Companies also can work directly with Ballard Spahr’s Client Value and Innovation Team to create new sections to address their specific business needs.

“LicenSync has been a game changer for us,” said Katherine Rasmussen, Vice President and Corporate Counsel for Computershare. “As a team, we are more organized and aligned, which results in a huge cost savings for us. We currently manage several entities using LicenSync. Because Ballard Spahr hosts the tool, they are a part of our business continuity plans, which our regulators and the business absolutely love. We are confident that there will not be an interruption in our ability to manage our state licensing and regulatory compliance programs.”

LicenSync is the latest in the suite of Ballard360 proprietary technology that provides clients with increased value, cost predictability, transparency, and efficiency and allows information to be reviewed and exchanged more quickly and easily. The firm’s Client Value and Innovation Team is a recognized leader in innovation in the legal industry, garnering praise from The National Law Journal, Financial Times, and BTI Consulting.

“We develop tools that deliver value for clients and help solve intractable business challenges,” said Melissa Prince, Chief Client Value and Innovation Officer at Ballard Spahr. “Managing licenses is time-consuming but critically important. LicenSync addresses that issue with an easy-to-use interface. It’s a simple solution to a problem that keeps our clients up at night.”

For media inquiries, please contact Will Ashenmacher at 612.371.5792.

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