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A compliance checklist separates federal SAFE rules from New York rules on pre-licensure education. Which statement is accurate?

Correct Answer

D) New York DFS MLO applicants must complete 20 hours of NMLS-approved pre-licensure education, including 3 hours of New York law.

New York DFS MLO applicants must complete 20 hours of NMLS-approved pre-licensure education, including 3 hours of New York law.

Answer Options
A
Treat the requirement as waived because the borrower or employer agrees.
B
Assume another state's approval automatically satisfies the New York requirement.
C
Apply the New York rule only to company licenses and never to individual MLO activity.
D
New York DFS MLO applicants must complete 20 hours of NMLS-approved pre-licensure education, including 3 hours of New York law.

Why This Is the Correct Answer

New York DFS MLO applicants must complete 20 hours of NMLS-approved pre-licensure education, including 3 hours of New York law.

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