Uniform State Content (SAFE Act)Question 364 of 400
Maria was convicted of a felony involving fraud and money laundering six years ago. Under the SAFE Act, her eligibility for a state MLO license is:
a.Approved automatically because more than five years have passed
b.Approved if she completes extra continuing education
c.Approved if she posts a larger surety bond
d.Permanently barred, because a felony involving fraud, dishonesty, breach of trust, or money laundering results in a lifetime disqualification
Explanation
The SAFE Act imposes a permanent (lifetime) bar on any applicant convicted of a felony involving an act of fraud, dishonesty, breach of trust, or money laundering, regardless of how much time has passed. A separate seven-year bar applies to other felonies. No bond or education can cure the permanent bar.
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Related questions on this topic
- To pass the NMLS SAFE MLO Test, a candidate must achieve a score of at least:
- How many hours of NMLS-approved continuing education (CE) must a state-licensed MLO complete each year to maintain the license?
- Which of the following is a required element of the criminal background review for a state MLO license applicant?
- Under the SAFE Act, which factor may a state consider when reviewing an MLO applicant's financial responsibility?
- Why does the SAFE Act require state-licensed MLOs or their employers to maintain a surety bond?
- During what annual window must a state-licensed MLO submit a license renewal request through NMLS?
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