A CRMLA-licensed lender fails to maintain the required $250,000 minimum net worth. What is the most likely consequence?
Correct Answer
B) The DFPI may suspend or revoke the lender's license for failing to meet financial requirements
Failure to maintain the required $250,000 net worth is grounds for license suspension or revocation by the DFPI. The net worth requirement is a continuous obligation, and falling below it triggers potential enforcement action.
Why This Is the Correct Answer
Failure to maintain the required $250,000 net worth is grounds for license suspension or revocation by the DFPI. The net worth requirement is a continuous obligation, and falling below it triggers potential enforcement action.
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