Example Three – Two ‘Yes’ Responses, One Event

An individual was found by a State regulator to have been dishonest, unfair or unethical (Regulatory Finding). In NMLS, he or she may need to answer questions (K)(1) and (K)(8), both related to dishonest or deceptive conduct, ‘Yes’.

About this task

If the individual chooses to explain these responses in NMLS, he or she would complete an Explanation for the event as follows:

Procedure

  1. Click Add Explanation for “Yes” Responses on Disclosure Explanations page.
  2. Provide Brief Description of Explanation for the Regulatory Finding.
  3. Provide Disposition for the Regulatory Finding. If “Other”, also provide Disposition Description.
  4. Provide Explanation Detail for the Regulatory Finding.
  5. Check box next to Questions (K)(1) and (K)(8) for the Regulatory Finding.
  6. Click Browse and select supporting file from your computer for the Regulatory Finding.
    (Supporting file should be provided only if applicable.)
  7. Click Save.

Results

The Explanation is listed on the Disclosure Explanations list page for the Regulatory Finding.

To Update or Delete an Explanation: An Explanation may be updated or deleted by clicking the edit icon next to the Explanation. However, previously submitted versions of the Explanation will be viewable in Historical Filings even after the Explanation is updated or deleted.