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During a Tennessee regulator exam preparation, a licensing coordinator must resolve a question about advertising and consumer-protection controls. Which statement should control?

Correct Answer

C) Tennessee Chapter 0180-17 defines and regulates lock-in agreements for residential mortgage loans.

Tennessee Chapter 0180-17 defines and regulates lock-in agreements for residential mortgage loans.

Answer Options
A
Treat the timing or filing requirement as optional if the transaction appears low risk.
B
Assume the Tennessee requirement does not apply to this new-license application.
C
Tennessee Chapter 0180-17 defines and regulates lock-in agreements for residential mortgage loans.
D
Treat licensing and NMLS authority as satisfied by borrower consent alone.

Why This Is the Correct Answer

Tennessee Chapter 0180-17 defines and regulates lock-in agreements for residential mortgage loans.

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