A compliance manager is updating California procedures for state-law refresher and flags continuing education and renewal. Which answer is accurate?
Correct Answer
A) California requires the stated MLO licensing or NMLS authority before covered origination activity.
A California DRE MLO license endorsement expires on December 31; if renewal is not completed by December 31, the endorsement expires January 1, activity must stop, late renewal may occur in January or February, and after February the endorsement is terminated-expired and a new application is required.
Why This Is the Correct Answer
A California DRE MLO license endorsement expires on December 31; if renewal is not completed by December 31, the endorsement expires January 1, activity must stop, late renewal may occur in January or February, and after February the endorsement is terminated-expired and a new application is required.
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