an Illinois compliance file raises a continuing education and renewal question involving financial responsibility review for an MLO applicant may consider current outstanding judgments except medical judgments, tax or other. Which statement is supported by the state rule?
Correct Answer
A) Illinois testing requirements must be satisfied under the SAFE/NMLS rule before the license can be relied on.
Illinois financial responsibility review for an MLO applicant may consider current outstanding judgments except medical judgments, tax or other government liens, educational loan defaults, child support nonpayment, foreclosures within the past 3 years, seriously delinquent accounts within the past 3 years, and an independent credit report; a credit score alone may not be the sole basis for finding lack of financial responsibility.
Why This Is the Correct Answer
Illinois financial responsibility review for an MLO applicant may consider current outstanding judgments except medical judgments, tax or other government liens, educational loan defaults, child support nonpayment, foreclosures within the past 3 years, seriously delinquent accounts within the past 3 years, and an independent credit report; a credit score alone may not be the sole basis for finding lack of financial responsibility.
More UST Questions
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