The Illinois SAFE Act requires a criminal background check for MLO applicants. Which of the following would automatically disqualify an applicant?
Correct Answer
B) A felony conviction involving fraud or dishonesty within the past 7 years, or any felony within the past 10 years
Under the SAFE Act as adopted by Illinois, an applicant is disqualified if they have been convicted of a felony involving fraud, dishonesty, or breach of trust within the past 7 years, or any felony within the preceding 10 years.
Why This Is the Correct Answer
Under the SAFE Act as adopted by Illinois, an applicant is disqualified if they have been convicted of a felony involving fraud, dishonesty, or breach of trust within the past 7 years, or any felony within the preceding 10 years.
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Previous Question
An MLO took a 4-hour continuing education course on January 15th and another 4-hour course on March 20th of the same year. Both courses covered federal mortgage regulations. How many hours can be applied toward the annual requirement?
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A fingerprint-based background check reveals that an MLO applicant was arrested 3 years ago for identity theft but charges were later dropped due to mistaken identity. The applicant failed to disclose this on their MU4. What is the consequence?