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Which of the following entities is EXEMPT from CFL licensing requirements in California?

Correct Answer

C) Federally chartered banks

Federally chartered banks are exempt from state CFL licensing because they are regulated by federal agencies such as the OCC.

Answer Options
A
Online payday lenders
B
Private mortgage companies
C
Federally chartered banks
D
Auto title loan companies

Why This Is the Correct Answer

Federally chartered banks are exempt from state CFL licensing because they are regulated by federal agencies such as the OCC.

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