Uniform State Content (SAFE Act)Question 399 of 400
An MLO's license is revoked in one state due to fraud. Because of the NMLS unique identifier and shared system, what is the likely effect in other states?
a.The revocation is invisible to other states and has no effect
b.The MLO automatically gains licenses in all other states
c.Other states can see the disciplinary action through NMLS and may take their own action, since the unique identifier links the MLO's record across jurisdictions
d.The unique identifier is deleted and the MLO gets a clean record
Explanation
Because the unique identifier ties an MLO's record together across all states in NMLS, disciplinary actions such as a revocation are visible to every state regulator. Other states can consider that history and may deny, suspend, or revoke the MLO's license in their jurisdiction as well. The record is not erased.
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Related questions on this topic
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