How often must a CRMLA licensee file its annual report with DFPI?
Correct Answer
B) Annually, on or before March 1
California Financial Code CRMLA provisions require the annual report on or before March 1. The legacy 120-day wording was not the current officially supported rule.
Why This Is the Correct Answer
Annually, on or before March 1 is correct. California Financial Code CRMLA provisions require the annual report on or before March 1. The legacy 120-day wording was not the current officially supported rule. California Financial Code CRMLA provisions require the annual report on or before March 1. The legacy 120-day wording was not the current officially supported rule.
Why the Other Options Are Wrong
Option A: Quarterly, within 30 days after each quarter ends
The CRMLA does not require quarterly reporting. The filing frequency is annual, not quarterly.
Option C: Annually, within 90 days after the licensee's fiscal year ends
While the report is annual, the deadline is tied to the calendar year, not the licensee's fiscal year, and the timeframe is 120 days, not 90.
Option D: Only after DFPI sends a written request
Biannual reporting is not required under the CRMLA. The statute mandates a single annual report filing.
Memory Technique
CA -> ca-crmla-lenders-servicers-bonds-net-worth-servicing
Exam Tip
CRMLA questions usually turn on lender versus servicer authority, branch authority, $250,000 net worth, surety bond coverage, servicing duties, DFPI oversight, and exemptions for regulated depository institutions.
Common Mistakes to Avoid
- -Using a national baseline answer when California has agency-specific DFPI or DRE requirements
- -Confusing CFL, CRMLA, covered-loan, usury, servicing, and DRE endorsement rules
- -Relying on legacy California state-exam or education assumptions instead of current NMLS source pages
More UST Questions
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