Under DFPI CFL guidance, when may a CFL loan be secured by real property?
Correct Answer
C) When the bona fide principal amount is more than $5,000
DFPI CFL guidance states that a CFL loan may not be secured by real property unless the bona fide principal amount is more than $5,000. The legacy item incorrectly framed $5,000 as a minimum amount that itself requires a CFL license.
Why This Is the Correct Answer
DFPI CFL guidance states that a CFL loan may not be secured by real property unless the bona fide principal amount is more than $5,000. The legacy item incorrectly framed $5,000 as a minimum amount that itself requires a CFL license.
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