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When an action is commenced on a Delaware MLO bond, what may the Commissioner require?

Correct Answer

B) The filing of a new bond

Delaware Code states that when an action is commenced on a licensee’s bond, the Commissioner may require the filing of a new bond.

Answer Options
A
Automatic cancellation of the borrower’s loan
B
The filing of a new bond
C
A lower bond amount regardless of volume
D
No records for the bond claim

Why This Is the Correct Answer

Delaware Code states that when an action is commenced on a licensee’s bond, the Commissioner may require the filing of a new bond.

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