A regulator-facing procedure for Georgia operations addresses advertising and consumer-protection controls. Which answer reflects the requirement?
Correct Answer
B) The Georgia Fair Lending Act defines a high-cost home loan as a home loan whose terms meet or exceed one or more statutory threshold triggers.
The Georgia Fair Lending Act defines a high-cost home loan as a home loan whose terms meet or exceed one or more statutory threshold triggers.
Why This Is the Correct Answer
The Georgia Fair Lending Act defines a high-cost home loan as a home loan whose terms meet or exceed one or more statutory threshold triggers.
Why the Other Options Are Wrong
Option A: Use a advertising approval exception instead of satisfying the rule before activity continues.
Use a advertising approval exception instead of satisfying the rule before activity continues. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Close or renew first, then decide whether the advertising approval needs a compliance correction.
Close or renew first, then decide whether the advertising approval needs a compliance correction. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Proceed before the required Georgia license, sponsorship, disclosure, record, or approval is in place.
Proceed before the required Georgia license, sponsorship, disclosure, record, or approval is in place. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
GA -> ga-fair-lending-high-cost-home-loans-consumer-protection
Exam Tip
Georgia Fair Lending Act questions test covered principal-dwelling home loans, high-cost threshold status, all-home-loan limits, flipping within 5 years, tangible net benefit, prepayment limits, counseling, 50% DTI presumption, contractor payments, foreclosure notice, and first-page notice.
Common Mistakes to Avoid
- -Using generic federal mortgage facts when Georgia DBF, GRMA, Georgia Fair Lending Act, or Rule 80-11 rules are being tested
- -Confusing company broker/lender licensing with individual MLO sponsorship and employment limits
- -Treating Georgia CE, temporary authority disclosure, books and records, branch approval, or high-cost protections as optional
More UST Questions
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