A licensing coordinator is preparing a South Carolina renewal checklist involving records, reports, and required notices. Which rule is correct?
Correct Answer
A) South Carolina may order a person to cease a prohibited action, and continued violation of a commissioner's order can carry an administrative penalty up to $25,000 for each violation of the order.
South Carolina may order a person to cease a prohibited action, and continued violation of a commissioner's order can carry an administrative penalty up to $25,000 for each violation of the order.
Why This Is the Correct Answer
South Carolina may order a person to cease a prohibited action, and continued violation of a commissioner's order can carry an administrative penalty up to $25,000 for each violation of the order.
Why the Other Options Are Wrong
Option B: Treat the timing or filing requirement as optional if the transaction appears low risk.
Treat the timing or filing requirement as optional if the transaction appears low risk. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Assume the South Carolina requirement does not apply to this regulator exam preparation.
Assume the South Carolina requirement does not apply to this regulator exam preparation. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Treat continuing education and renewal as satisfied by borrower consent alone.
Treat continuing education and renewal as satisfied by borrower consent alone. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
SC -> sc-investigation-enforcement-recordkeeping-and-penalties
Exam Tip
South Carolina enforcement questions often test denial, suspension, revocation, activity restrictions, summary postponement or suspension, $10,000 penalties, $25,000 order-violation penalties, investigations, subpoenas, 3-year records, misdemeanor penalties, and NMLS reporting.
Common Mistakes to Avoid
- -Using a national baseline answer when South Carolina has a state-specific rule
- -Confusing NMLS workflow, South Carolina Consumer Finance Division requirements, South Carolina Code Title 37 rules, and state regulator guidance
- -Treating exemptions, processor or underwriter status, or license renewal timing as blanket permission
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