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A South Dakota file is paused during a record-retention audit because of licensing and NMLS authority. Which statement clears the compliance question?

Correct Answer

C) South Dakota Division of Banking may take enforcement action for violations of South Dakota mortgage licensing laws, rules, orders, or NMLS requirements.

South Dakota Division of Banking may take enforcement action for violations of South Dakota mortgage licensing laws, rules, orders, or NMLS requirements.

Answer Options
A
Delay the South Dakota requirement until after the loan closes or the renewal period ends.
B
Treat consumer consent as a cure for a prohibited or missing compliance step.
C
South Dakota Division of Banking may take enforcement action for violations of South Dakota mortgage licensing laws, rules, orders, or NMLS requirements.
D
Treat the timing or filing requirement as optional if the transaction appears low risk.

Why This Is the Correct Answer

South Dakota Division of Banking may take enforcement action for violations of South Dakota mortgage licensing laws, rules, orders, or NMLS requirements.

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