A Colorado training manager reviews an NMLS amendment about Colorado applicants holding valid license license expired before submission. What result is compliant?
Correct Answer
B) Colorado applicants holding a valid license or a license expired for less than 3 years must complete the 2 hours of Colorado-specific education if they have not previously taken it.
Colorado applicants holding a valid license or a license expired for less than 3 years must complete the 2 hours of Colorado-specific education if they have not previously taken it.
Why This Is the Correct Answer
Colorado applicants holding a valid license or a license expired for less than 3 years must complete the 2 hours of Colorado-specific education if they have not previously taken it.
Why the Other Options Are Wrong
Option A: Treat consumer consent as a cure for a prohibited or missing compliance step.
Treat consumer consent as a cure for a prohibited or missing compliance step. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Treat the timing or filing requirement as optional if the transaction appears low risk.
Treat the timing or filing requirement as optional if the transaction appears low risk. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Assume the Colorado requirement does not apply to this loan-originator transfer.
Assume the Colorado requirement does not apply to this loan-originator transfer. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
CO -> co-application-education-testing-and-renewal
Exam Tip
For Colorado education questions, remember 20 PE hours with 2 Colorado law hours and 8 CE hours with no regular Colorado-specific annual CE hour.
Common Mistakes to Avoid
- -Using a national baseline answer when Colorado has a state-specific rule
- -Confusing NMLS workflow, Colorado E-license workflow, DRE guidance, and CCR requirements
- -Treating temporary authority, inactive status, or exemptions as blanket permission
More UST Questions
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