The NMLS Policy Committee has recently requested comments and feedback on its proposed revisions to the Disclosure Questions presented on the NMLS. The NMLS requires answers to both company and individual disclosure questions. The proposed revisions cover both of these categories of questions.
Among other things, the proposed revisions are focused on:
- Streamlining greater consistency between the order of company and individual disclosure questions;
- Amending the language of disclosure questions to ensure that the language remains consistent;
- Adding questions that are necessary under the Money Transmission Modernization Act, including a question on material litigation for companies;
- The addition of terms and definitions to the glossary (some of these new defined terms are “Third Party Service Provider”, “Key Individual”, and “Government entity”); and
- Revisions to the definition of some terms already in the glossary, such as the defined term “Financial Services”.