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In a Connecticut MLO sponsorship update, a compliance manager sees a compliance issue involving licensing and NMLS authority. What should the file reflect?

Correct Answer

B) Connecticut mortgage licensing includes surety bond, recovery fund, net worth, or financial responsibility coverage as required by state law or regulator guidance.

Connecticut mortgage licensing includes surety bond, recovery fund, net worth, or financial responsibility coverage as required by state law or regulator guidance.

Answer Options
A
Use only the federal baseline and ignore the separate Connecticut state requirement.
B
Connecticut mortgage licensing includes surety bond, recovery fund, net worth, or financial responsibility coverage as required by state law or regulator guidance.
C
Apply the rule only after the Connecticut regulator has already opened an examination.
D
Skip the Connecticut requirement because the company already follows general SAFE Act procedures.

Why This Is the Correct Answer

Connecticut mortgage licensing includes surety bond, recovery fund, net worth, or financial responsibility coverage as required by state law or regulator guidance.

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