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During a South Carolina regulator exam preparation, a licensing coordinator must resolve a question about records, reports, and required notices. Which statement should control?

Correct Answer

C) South Carolina states that solely acquiring and reviewing a credit report does not constitute acting as a loan originator.

South Carolina states that solely acquiring and reviewing a credit report does not constitute acting as a loan originator.

Answer Options
A
Use an informal manager exception without updating the license, file, or required record.
B
Use a verbal explanation instead of the required license status, disclosure, record, or filing.
C
South Carolina states that solely acquiring and reviewing a credit report does not constitute acting as a loan originator.
D
Use a annual compliance meeting exception instead of satisfying the rule before activity continues.

Why This Is the Correct Answer

South Carolina states that solely acquiring and reviewing a credit report does not constitute acting as a loan originator.

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