Amending Your Company’s Legal Status

Submit an Advance Change Notice (ACN) in NMLS to amend your company’s legal status on the Company (MU1) Form. An ACN must be filed in advance of the effective date in accordance with state licensing requirements.

About this task

Use this process to submit an Advance Change Notice (ACN) to amend your company’s legal status in the Company (MU1) Form. States may have different notice periods or document requirements. Refer to the NMLS Policy Guide for state-specific ACN policies, and to the State Licensing Checklist Compiler for 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 Identifying Information section, select Change Legal Status.
  6. Select Yes to the question “Do you want to amend your legal status?”
  7. Select the new Legal Status from the available options.
    Note: Examples include Corporation, Limited Liability Company (LLC), Partnership, or Sole Proprietorship.
  8. Enter the Effective Date for the new legal status.
    Note: The effective date can be the current date or a future date allowed under state law (often up to 120 days in advance). Some states require a specific notice period for ACNs.
  9. Click Save.
  10. When ready, complete the Attest and Submit process to submit the ACN. Fees may apply.
Modify a Pending ACN
  1. Access the pending MU1 filing containing your ACN.
  2. In the Identifying Information section, update the Legal Status or Effective Date as needed.
  3. Click Save and complete Attest and Submit again.
Cancel a Pending ACN
  1. Access the pending MU1 filing containing your ACN.
  2. In the Identifying Information section, change the answer to “Do you want to amend your legal status?” to No.
  3. Click Save and complete Attest and Submit again.
Uploading ACN Documents
  1. From the Filing menu, navigate to Document Uploads.
  2. Select Advance Change Notice as the Document Type when uploading required documents.
    Note: On or after the effective date, re-submit documents under the appropriate non-ACN document type if required by your state regulator.
  3. Refer to Document Upload Descriptions and Examples for file naming conventions and description examples.