A consumer requests to be added to an MLO's internal do-not-call list during a phone conversation. According to FTC regulations, within what timeframe must the MLO honor this request?
Correct Answer
A) Immediately upon request
Under the Telemarketing Sales Rule (TSR), when a consumer requests to be placed on a company's do-not-call list during a telemarketing call, the request must be honored immediately and the consumer cannot be called again.
Why This Is the Correct Answer
Under the Telemarketing Sales Rule (TSR), when a consumer requests to be placed on a company's do-not-call list during a telemarketing call, the request must be honored immediately and the consumer cannot be called again.
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An MLO discovers that their employing lender is systematically steering minority borrowers toward subprime products despite their qualification for prime rates. What is the MLO's primary ethical obligation?
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An MLO's former colleague, now working at a different lender, asks for contact information of previous mutual clients who might be interested in refinancing. The colleague promises to share referral fees. What is the primary violation?