Nội dung tiểu bang thống nhất (SAFE)Câu 366 / 400
Why does the SAFE Act require state-licensed MLOs or their employers to maintain a surety bond?
a.To pay the MLO's continuing education costs
b.To provide a source of recovery for consumers and the state if the MLO violates the law or acts fraudulently
c.To fund the borrower's down payment
d.To reimburse the lender for loans that go into default
Giải thích
A surety bond provides financial protection: it is a source of recovery for consumers who are harmed and for the state if the MLO violates licensing laws. The required bond amount is typically scaled to loan origination volume. It is not for education costs, down payments, or ordinary loan defaults.
Trích dẫn luật: SAFE ActLuyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- Which of the following is a required element of the criminal background review for a state MLO license applicant?
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- Under the SAFE Act, which factor may a state consider when reviewing an MLO applicant's financial responsibility?
- During what annual window must a state-licensed MLO submit a license renewal request through NMLS?
- A state-licensed MLO takes the same 8-hour CE course twice in the same year to fulfill this year's and next year's requirement. Under the SAFE Act's successive-years rule, this is:
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