What is the minimum surety bond amount for an initial Delaware MLO license applicant under Regulation 2401?
Correct Answer
C) $25,000
Delaware Regulation 2401 states that the surety bond for an applicant for an initial license must be at least $25,000.
Why This Is the Correct Answer
Delaware Regulation 2401 states that the surety bond for an applicant for an initial license must be at least $25,000.
Why the Other Options Are Wrong
Option A: $5,000
$5,000 is below the Delaware minimum stated for an initial applicant.
Option B: $50,000
$50,000 is a later volume-tier amount, not the initial applicant minimum.
Option D: $200,000
$200,000 is the highest listed volume-tier amount, not the initial applicant minimum.
Memory Technique
DE-C013 -> Delaware-surety-bond
Exam Tip
Initial Delaware applicant bond minimum: $25,000.
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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