EstatePass
USTmedium11% of exam

A mortgage company licensed under the California Finance Lenders Law wants to open a new branch office in San Diego. What must the company do to operate from this new location?

Correct Answer

D) File an application and receive approval from the DFPI before conducting business from the new location

Under CFLL, licensed lenders must file an application and receive DFPI approval before conducting business from any new branch location. Operating without approval is a violation.

Answer Options
A
Simply notify the DFPI within 30 days of opening
B
No additional requirements - the existing license covers all California locations
C
Register the new address with NMLS only
D
File an application and receive approval from the DFPI before conducting business from the new location

Why This Is the Correct Answer

Under CFLL, licensed lenders must file an application and receive DFPI approval before conducting business from any new branch location. Operating without approval is a violation.

Was this explanation helpful?

More UST Questions

People Also Study

Related Study Resources

Practice More MLO Questions

Access all practice questions with progress tracking and adaptive difficulty to pass your SAFE MLO exam.

Start Practicing