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During a Rhode Island annual compliance meeting, a state compliance officer must resolve a question about licensing and NMLS authority. Which statement should control?

Correct Answer

C) Rhode Island state mortgage law or regulator guidance distinguishes licensed state MLO activity from exempt or federally registered mortgage activity.

Rhode Island state mortgage law or regulator guidance distinguishes licensed state MLO activity from exempt or federally registered mortgage activity.

Answer Options
A
Postpone the Rhode Island licensing and NMLS authority issue until the next annual review.
B
Use only the federal baseline and ignore the separate Rhode Island state requirement.
C
Rhode Island state mortgage law or regulator guidance distinguishes licensed state MLO activity from exempt or federally registered mortgage activity.
D
Apply the rule only after the Rhode Island regulator has already opened an examination.

Why This Is the Correct Answer

Rhode Island state mortgage law or regulator guidance distinguishes licensed state MLO activity from exempt or federally registered mortgage activity.

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