Amending Direct and Indirect Owners/Executive Officers

Submit, modify, or cancel an Advance Change Notice (ACN) for changes to direct or indirect owners or executive officers in the Company (MU1) Form, and upload any required ACN documents.

About this task

Use the Direct Owners/Executive Officers section of the Company (MU1) Form to submit an Advance Change Notice (ACN) when adding, removing, or changing information for direct or indirect owners or executive officers. Many state agencies require an ACN before these changes take effect. Review the applicable state State Licensing Checklist Compiler for ACN lead-time, documentation, and fee requirements.

Procedure

  1. Navigate to the NMLS Login page (State Context).
  2. Log in to your NMLS account.
  3. Select Filing > Company (MU1) from the menu.
    The Company Filing screen is displayed.
  4. Select Create New Filing.
    The Company Form (MU1) opens, beginning on the Business Activities screen.
  5. In the left navigation panel, select Direct Owners/Executive Officers.
  6. Select Add Individual or Add Company and search for the entity by name, NMLS ID, or Federal Tax ID.
  7. Select the entity from the search results and enter the Title, Percentage of Ownership, and Stock Symbol (if applicable).
  8. Enter the Effective Date in accordance with state requirements.
    Note: The Effective Date must be a current or future date up to 120 days in advance, depending on the state’s ACN requirements.
  9. Click Save, then proceed to Attest and Submit to complete the filing.
    Note: Some agencies may charge an amendment fee. See NMLS Processing Fees and the state’s Amendment Checklist for details.
  10. To remove an owner or executive officer, click the Delete icon next to the name, enter the Effective Date, and click Save.
  11. To modify a pending ACN, click the Edit icon, update the applicable fields, and click Save.
    Saving changes updates the Pending Change Notice Type to Amend Creation and moves the item to the Unsubmitted Change Notices list. To undo the amendment, click the Undo icon.
  12. To cancel a pending ACN, click the Cancel icon for the record and click Save.
    This action updates the Pending Change Notice Type to Cancel Creation and moves the item to the Unsubmitted Change Notices list. To undo the cancellation, click the Undo icon.
  13. To change ownership:
    1. Select the Edit icon for the current owner.
    2. Select Do you want to amend the Percentage of Ownership?.
    3. Enter the updated percentage and Effective Date.
  14. If required by the state agency, upload ACN documents.
    1. Open Document Uploads for the filing and click Add.
    2. Select Document Type > Advance Change Notice.
    3. Optional: Enter a Comment, then select Browse to select the file and complete the upload.
    Note: ACN uploads are considered proposed documents. On the effective date of the change, re-submit documents under the applicable Document Type (do not re-submit as Advance Change Notice). If no document type fits, follow the state agency’s instructions (for example, mail the document).
    Note: For document guidance, see Document Upload Descriptions and Examples and About the Document Library.