Under Illinois SAFE Act rules, how many hours of continuing education must a licensed MLO complete annually, and what is the minimum number of hours that must cover Illinois-specific topics?
Correct Answer
B) 10 hours total, with 2 hours of Illinois-specific content
Illinois requires 8 hours of continuing education annually for MLOs, but due to federal SAFE Act requirements, the total is effectively 10 hours with 2 hours dedicated to Illinois-specific topics. The state-specific portion covers Illinois laws and regulations.
Why This Is the Correct Answer
Illinois requires 8 hours of continuing education annually for MLOs, but due to federal SAFE Act requirements, the total is effectively 10 hours with 2 hours dedicated to Illinois-specific topics. The state-specific portion covers Illinois laws and regulations.
More UST Questions
What is the minimum net worth requirement for a mortgage lender licensee in Pennsylvania?
A Georgia MLO company fails to pay its annual license renewal fee by the December 31st deadline. The company's license status would be:
A loan originator completes 15 hours of pre-licensure education from an approved provider, then realizes 3 hours were duplicated from a previous course taken 6 months ago. How many additional hours must be completed to meet the requirement?
A mortgage loan originator in New Jersey must provide which specific state-required disclosure to borrowers in addition to federal requirements?
Under Texas law, which of the following is TRUE regarding deficiency judgments after a residential mortgage foreclosure?
An MLO licensed in California fails to complete their required continuing education by December 31. What is the consequence?
An MLO transitions from a federal savings bank to a state-licensed mortgage broker on January 15th and submits a complete state license application on February 10th. If no decision is made by the state, when does temporary authority expire?
A mortgage banker operating in New Jersey originates $75 million in residential mortgage loans annually. What is the minimum net worth requirement this entity must maintain?
Under Florida and federal law, a borrower has the right to rescind (cancel) a refinance transaction on their primary residence within:
Florida requires certain professionals to report suspected mortgage fraud. Which of the following is required to report suspected fraud to the appropriate authorities?
People Also Study
Federal Mortgage-Related Laws
24% of exam
General Mortgage Knowledge
20% of exam
Mortgage Loan Origination Activities
27% of exam
Ethics, Fraud & Consumer Protection
18% of exam