An MLO applicant was charged with a felony financial crime 8 years ago but the charges were dismissed before trial due to lack of evidence. How should this be handled on the MU4 application?
Correct Answer
B) It must be disclosed as it involved a financial crime regardless of outcome
Under the SAFE Act and MU4 requirements, ALL criminal charges involving financial crimes must be disclosed regardless of the outcome (conviction, dismissal, acquittal). The disclosure requirement is not limited to convictions only.
Why This Is the Correct Answer
Under the SAFE Act and MU4 requirements, ALL criminal charges involving financial crimes must be disclosed regardless of the outcome (conviction, dismissal, acquittal). The disclosure requirement is not limited to convictions only.
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