- Terminology Used in this Chapter
- General Instructions
A company or sole proprietorship creates its record in the System by completing the NMLS Company Form (MU1).
- Business Activities
Applicants are required to identify all business activities conducted by their company from an NMLS approved list.
- Request License
The Request/Transition License(s) screen identifies the license / registration types available based on the business activities (see Business Activities Definitions for the current business activities list and definitions) and states selected. - License / Registration Information
The License/Registration Information screen will display a list of all license / registration requests pending submission as well as any previously submitted license / registration requests.
- Identifying Information
Guidance for each required piece of company identifying information is below:
- Other Trade Names*
As noted in the field descriptions below, Other Trade Names must be completed for all other names the company will be using in NMLS participating states and for which industry types.
- Resident / Registered Agent*
The Resident/Registered Agent is the entity that will receive service of legal process on behalf of the applicant or licensee. A resident/registered agent must be identified in each state in which a license/registration is held, and the business address must be within that state.
- Web Addresses*
A web address is optional in NMLS. Applicants or licensees should include any corporate websites, including all websites through which they solicit customers or through which they transact business.
- Contact Employees
Applicants and licensees are required to submit a primary company contact and a primary consumer complaint contact. The primary contact is provided as part of the company account creation process. The person so designated will appear in the company MU1 form. If allowed by a state, this can be the same person.
- Books and Records Information
Applicants and licensees must list the company name and address of the location where books and records are stored. They must also list the name of the individual at this location that should be contacted with inquiries about or to gain access to the books and records.
- Approvals and Designations
Licensees and applicants must provide information related to any approvals and designations that their company currently holds.
- Bank Accounts
Applicants and licensees should consult state licensing requirements to see if bank accountinformation is required to be provided. If not required, leave this section blank.
- Legal Status*
In addition to entering the information in this section, applicants and licenses may upload supporting documentation (e.g. formation documents) through the document uploads section of this filing.
- Affiliates / Subsidaries
Applicants and licensees must identify each entity under common ownership (affiliate) and each entity under control (subsidiary) that provides financial services or settlement services.
- Financial Institutions
If the
applicant or licensee is controlled by a Credit Union, Bank Holding Company, State Member Bank of the Federal Reserve System, State Non-Member Bank, National Bank, Foreign Bank, Savings Association/Savings Bank, or Thrift Holding Company the institution must be identified in this section.
- Disclosure Questions
All Disclosure Questions must be answered.
- Disclosure Explanations
An explanation must be provided for each disclosure question that has a Yes response. A separate explanation should be provided for each event resulting in aYes response to a disclosure question.
- Direct Owners, Executive Officers, and Corporate Governance
The applicant or licensee must identify all Direct Owners with 10% or more ownership and Executive Officers.
- Indirect Owners
Applicants and licensees must identify all indirect owners with 25% or more ownership in this section. For each owner indicate percentage of ownership.
- Qualifying Individuals
Different states refer to Qualifying Individuals as other names, such as “Qualified Person in Charge (QPIC)” or “Managing Principal.” Consult the state licensing requirements to determine if and how you should complete this section.
- Advance Change Notice (ACN)
NMLS allows state licensees to submit certain changes to their NMLS Record in advance of the desired effective date. This functionality permits state regulators to electronically process future NMLS Record amendments and reduces the forms and filings submitted outside the system. State licensing requirements should be consulted as to when items should be submitted. - Document Uploads
The Document Uploads section allows users to upload and submit PDF documents to regulators.
- Historical Filings
The Historical Filings section under the Filing tab contains copies of previously submitted Company filings.
- Attest and Submit
The Submit Filing button will only appear if the Company Form (MU1) passes all completeness checks, including Individual Form (MU2) attestations.
