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During an Alabama supervisory file review, a renewal specialist must resolve a question about licensing and NMLS authority. Which statement should control?

Correct Answer

A) Alabama Bureau of Loans may examine records of licensees at a licensee place of business to determine compliance with Alabama law.

Alabama Bureau of Loans may examine records of licensees at a licensee place of business to determine compliance with Alabama law.

Answer Options
A
Alabama Bureau of Loans may examine records of licensees at a licensee place of business to determine compliance with Alabama law.
B
Alabama: Mortgage records may be discarded as soon as a loan is sold or servicing is transferred.
C
Alabama: Surety bond, reporting, notice, and examination duties arise only after a consumer complaint has already been filed.
D
Alabama: The state regulator cannot examine records if the company also files information through NMLS.

Why This Is the Correct Answer

Alabama Bureau of Loans may examine records of licensees at a licensee place of business to determine compliance with Alabama law.

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