What is the maximum penalty a lender may face for a pattern or practice of violating the Georgia Fair Lending Act?
Correct Answer
A) Up to three times actual damages plus attorney fees
Under the GFLA, lenders who engage in a pattern or practice of violations may be liable for up to three times actual damages (treble damages) plus reasonable attorney fees and court costs.
Why This Is the Correct Answer
Under the GFLA, lenders who engage in a pattern or practice of violations may be liable for up to three times actual damages (treble damages) plus reasonable attorney fees and court costs.
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An MLO working for a federal savings bank is temporarily assigned to work at the bank's mortgage company subsidiary for six months. What registration status applies during this assignment?
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Under the Texas SAFE Act, which of the following individuals is EXEMPT from the requirement to obtain a residential mortgage loan originator license?