209 CMR, § 41.09 - Notice of Significant Events
A Licensee shall notify the Commissioner immediately, in writing, and amend the Licensee's information and disclosures in the NMLS, within two business days of the occurrence of any of the following significant developments:
(a) Being charged with
or convicted of any criminal felony offense.
(b) Being charged with or convicted of any
criminal misdemeanor offense involving financial services or a financial
services related business; or any charge involving fraud, false statements or
omissions, theft or wrongful taking of property, bribery, perjury, forgery,
counterfeiting, or extortion.
(c)
Receiving notification of the institution of license denial, cease and desist,
suspension or revocation procedures, or other formal or informal regulatory
action, in any state against the Licensee.
(d) Receiving notification of the initiation
of any action against the Licensee by the Attorney General of the Commonwealth
or of any other state, pursuant to M.G.L. c. 93A, or any other comparable
consumer protection statute.
(e)
The settlement or resolution of any civil action or proceeding against the
Licensee involving fraud, misrepresentation, and/or wrongful taking of
property.
(f) Filing a personal
bankruptcy petition or being the subject of an involuntary bankruptcy
petition.
Notes
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