A Maryland general partnership applies for a lender license in 2026 with 4 general partners. Which partners must meet the mortgage-lending experience requirement?
Correct Answer
A) At least one general partner must have the 3 years
If the applicant is a joint venture or a general or limited partnership, at least one of the coventurers or general partners shall have the required experience. Other choices: not every partner; an employee is not a coventurer or partner; and no majority test appears. Source: Md. Fin. Inst. § 11-506(b)(3)
Why This Is the Correct Answer
If the applicant is a joint venture or a general or limited partnership, at least one of the coventurers or general partners shall have the required experience. Other choices: not every partner; an employee is not a coventurer or partner; and no majority test appears. Source: Md. Fin. Inst. § 11-506(b)(3)
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