The DFPI discovers that a CRMLA licensee has been steering borrowers into higher-cost loans to earn larger commissions. What enforcement action can the DFPI take?
Correct Answer
A) Suspend or revoke the lender's CRMLA license and impose civil penalties
The DFPI has authority to suspend or revoke a CRMLA license and impose civil penalties for violations such as loan steering. Steering borrowers into inappropriate loans for personal gain is a serious violation of consumer protection requirements.
Why This Is the Correct Answer
The DFPI has authority to suspend or revoke a CRMLA license and impose civil penalties for violations such as loan steering. Steering borrowers into inappropriate loans for personal gain is a serious violation of consumer protection requirements.
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