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A Delaware MLO license is issued for less than 1 year. What happens to the Delaware license fee under section 2405?

Correct Answer

B) No abatement is made

Delaware Code states that no abatement of the license fee is made if the license is issued for less than 1 year.

Answer Options
A
It is automatically prorated by month
B
No abatement is made
C
It is refunded if the license lasts under 6 months
D
It is converted into a bond premium

Why This Is the Correct Answer

Delaware Code states that no abatement of the license fee is made if the license is issued for less than 1 year.

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