Nội dung tiểu bang thống nhất (SAFE)Câu 398 / 400
If a state fails to enact a licensing system that meets the SAFE Act's minimum standards, what does the Act authorize?
a.The state may simply opt out of MLO regulation entirely
b.The federal government (through the CFPB, formerly HUD) may establish and operate a backup licensing system for that state
c.All MLOs in that state become permanently unlicensed
d.The state's residents may no longer obtain mortgage loans
Giải thích
The SAFE Act includes a federal backstop: if a state does not put in place a conforming MLO licensing system, the federal regulator (originally HUD, now the CFPB) is authorized to establish and operate a licensing and registration system for that state. This ensures nationwide coverage of minimum standards.
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 individuals is acting as a mortgage loan originator and would generally need to be licensed or registered?
- What is the purpose of requiring MLOs to disclose their unique identifier to consumers?
- A regulator issues a cease-and-desist order against an MLO. What does this order require the MLO to do?
- How does the surety bond amount for a state-licensed MLO or company typically vary?
- 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?
- Which of the following statements about the SAFE Act's unique identifier is correct?
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