For a California Financing Law finance lender or broker application, which statutory filing fees are identified in Financial Code section 22103?
Correct Answer
C) $100 investigation fee and $200 application fee, plus other required fingerprint or NMLS costs as applicable
Financial Code section 22103 identifies a $100 investigation fee and a $200 application fee for a CFL finance lender or broker application. Other fingerprint or NMLS processing costs may also apply.
Why This Is the Correct Answer
Financial Code section 22103 identifies a $100 investigation fee and a $200 application fee for a CFL finance lender or broker application. Other fingerprint or NMLS processing costs may also apply.
Why the Other Options Are Wrong
Option A: $500 application fee only
$100 is below the actual CFL application fee and would not cover the processing costs associated with the application review.
Option B: $1,000 investigation fee only
$200 is the fee for some other license types or branch applications but not the initial CFL finance lender application.
Option D: No California filing fees if the application is filed through NMLS
$1,000 exceeds the standard CFL application fee, though total licensing costs including bonds and other fees may approach this amount.
Memory Technique
CA -> ca-cfl-finance-lenders-brokers-licensing-records-reports
Exam Tip
CFL questions often test whether the person is lending, brokering, doing MLO activity, using a branch, meeting residential mortgage net worth and bond requirements, keeping records, filing reports, or facing DFPI examination/enforcement authority.
Common Mistakes to Avoid
- -Using a national baseline answer when California has agency-specific DFPI or DRE requirements
- -Confusing CFL, CRMLA, covered-loan, usury, servicing, and DRE endorsement rules
- -Relying on legacy California state-exam or education assumptions instead of current NMLS source pages
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