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An individual negotiates loan terms only with an immediate family member. What is the best conclusion under North Carolina MLO law or NCCOB guidance?

Correct Answer

D) NC exemptions include immediate family, own-residence seller activity, certain attorney activity, registered MLOs, and other limited scenarios.

NC exemptions include immediate family, own-residence seller activity, certain attorney activity, registered MLOs, and other limited scenarios. North Carolina statutory exemptions include immediate family, own residence, certain attorney activity, registered MLOs, and other specified limited scenarios.

Answer Options
A
Treat consumer consent as a cure for a prohibited or missing compliance step.
B
Treat the timing or filing requirement as optional if the transaction appears low risk.
C
Assume the North Carolina requirement does not apply to this annual compliance meeting.
D
NC exemptions include immediate family, own-residence seller activity, certain attorney activity, registered MLOs, and other limited scenarios.

Why This Is the Correct Answer

NC exemptions include immediate family, own-residence seller activity, certain attorney activity, registered MLOs, and other limited scenarios. North Carolina statutory exemptions include immediate family, own residence, certain attorney activity, registered MLOs, and other specified limited scenarios.

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