Under the DFPI licensing framework, what is the surety bond requirement for a CFL finance lender license in California?
Correct Answer
C) $25,000
A CFL finance lender applicant must obtain and maintain a surety bond of $25,000. The bond protects consumers by providing a source of recovery if the lender violates California lending laws or causes consumer harm through non-compliance.
Why This Is the Correct Answer
A CFL finance lender applicant must obtain and maintain a surety bond of $25,000. The bond protects consumers by providing a source of recovery if the lender violates California lending laws or causes consumer harm through non-compliance.
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