Under Delaware Code section 2415, what determines the penal sum of the MLO surety bond?
Correct Answer
C) The dollar amount of loans originated as determined by the Commissioner
Delaware section 2415 states that the penal sum of the surety bond must be maintained in an amount that reflects the dollar amount of loans originated as determined by the Commissioner.
Why This Is the Correct Answer
Delaware section 2415 states that the penal sum of the surety bond must be maintained in an amount that reflects the dollar amount of loans originated as determined by the Commissioner.
Why the Other Options Are Wrong
Option A: The MLO’s age
Age is not the statutory bond-amount measure.
Option B: The number of business cards printed
Business-card count is irrelevant to bond amount.
Option D: The borrower’s chosen settlement agent
Settlement-agent choice does not set the bond penal sum.
Memory Technique
DE-C013 -> Delaware-surety-bond
Exam Tip
Bond amount follows originated loan volume.
Common Mistakes to Avoid
- -Importing another state requirement into Delaware
- -Confusing NMLS baseline requirements with Delaware-specific rules
- -Treating operational assumptions as legal authority
More UST Questions
In a pricing desk question, an audit analyst sees facts tied to Prohibited Misrepresentation. What should the file reflect?
An applicant previously had an MLO license revoked by a state regulator. Under the SAFE Act minimum standards for a new state-licensed MLO license, which statement is correct?
Which statement correctly distinguishes a license suspension from a license revocation?
A state regulator has issued an order suspending an MLO's authority effective immediately. The MLO has filed an appeal, but no stay has been granted. What should the MLO do?
An MLO license application asks whether the applicant has been the subject of a regulatory order. The applicant has a recent consent order that falls within the question. What is the proper response?
Why does NMLS maintain licensing and enforcement information that participating regulators can access?
A regulator issues a final license suspension without giving the MLO notice of the alleged violation or any opportunity to respond, even though applicable law requires both. What issue is presented?
A regulator finds that an MLO charged consumers prohibited fees. Which set of actions is consistent with the enforcement tools contemplated by Regulation H?
An MLO's license status in NMLS changes to suspended, with no stay or reinstatement shown. What is the immediate operational effect?
Which fact most directly supports disciplinary action against an MLO rather than merely a request for additional application information?
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