A Delaware MLO compliance question cites Commissioner Regulation 2401. What is the regulation implementing?
Correct Answer
D) Delaware Code Title 5 Chapter 24, the Delaware SAFE Act for MLOs
The Delaware regulator identifies Regulation 2401 as implementing Chapter 24, Title 5 of the Delaware Code, the Delaware SAFE Act for MLOs.
Why This Is the Correct Answer
The Delaware regulator identifies Regulation 2401 as implementing Chapter 24, Title 5 of the Delaware Code, the Delaware SAFE Act for MLOs.
Why the Other Options Are Wrong
Option A: The Delaware corporate franchise tax statute
Corporate franchise tax is unrelated to the MLO SAFE Act framework.
Option B: A county deed-recording ordinance
A county deed-recording ordinance is not Regulation 2401.
Option C: Only a private NMLS policy with no Delaware statutory link
Regulation 2401 is tied to Delaware statutory authority, not merely private NMLS policy.
Memory Technique
DE-C001 -> Delaware-license-requirement-and-scope
Exam Tip
Regulation 2401 implements the Delaware SAFE Act.
Common Mistakes to Avoid
- -Importing another state requirement into Delaware
- -Confusing NMLS baseline requirements with Delaware-specific rules
- -Treating operational assumptions as legal authority
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