Which statement best describes the relationship between a CFL license and California constitutional usury limits for mortgage lending?
Correct Answer
A) A CFL license can provide a statutory exemption from Article XV usury limits, but the licensee still must comply with CFL, covered-loan, and other applicable mortgage laws
California Article XV includes exemptions for regulated lender categories, and CFL licensees must still comply with CFL, covered-loan, and other applicable mortgage rules. The legacy item used an unsupported loan-amount shortcut.
Why This Is the Correct Answer
California Article XV includes exemptions for regulated lender categories, and CFL licensees must still comply with CFL, covered-loan, and other applicable mortgage rules. The legacy item used an unsupported loan-amount shortcut.
More UST Questions
In a Missouri mortgage file, the loan file reviewer is asked to document licensing and NMLS authority before continuing. Which rule controls?
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