A DFPI licensee opens a 3rd California office and moves 2 of its originators there on 1 October. What office-level authorization is required in addition to updating the originators’ records?
Correct Answer
A) Obtain a separate branch license through the registry with DFPI approval
A separate branch license is obtained through the registry and approved by the DFPI for each location where licensed business is conducted. Other choices: an address change is not branch authority; reporting lines do not replace it; and the authority comes before the office operates rather than 60 days after. Source: Cal. Fin. Code § 22153
Why This Is the Correct Answer
A separate branch license is obtained through the registry and approved by the DFPI for each location where licensed business is conducted. Other choices: an address change is not branch authority; reporting lines do not replace it; and the authority comes before the office operates rather than 60 days after. Source: Cal. Fin. Code § 22153
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