A lender prepares a Washington checklist for regulatory examination and enforcement. Which rule belongs in the checklist?
Correct Answer
B) Washington enforcement authority includes directives or subpoenas, administrative enforcement actions, and sanctions such as license revocation or suspension, business practice restrictions, fines, restitution, refunds, and other corrective relief.
Washington enforcement authority includes directives or subpoenas, administrative enforcement actions, and sanctions such as license revocation or suspension, business practice restrictions, fines, restitution, refunds, and other corrective relief.
Why This Is the Correct Answer
Washington enforcement authority includes directives or subpoenas, administrative enforcement actions, and sanctions such as license revocation or suspension, business practice restrictions, fines, restitution, refunds, and other corrective relief.
Why the Other Options Are Wrong
Option A: Proceed before the required Washington license, sponsorship, disclosure, record, or approval is in place.
Proceed before the required Washington license, sponsorship, disclosure, record, or approval is in place. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Use an informal manager exception without updating the license, file, or required record.
Use an informal manager exception without updating the license, file, or required record. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Use a verbal explanation instead of the required license status, disclosure, record, or filing.
Use a verbal explanation instead of the required license status, disclosure, record, or filing. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
WA -> wa-servicing-examination-investigation-and-enforcement
Exam Tip
For Washington regulator questions, DFI authority includes examinations, investigations, records access, directives, subpoenas, sanctions, and restitution.
Common Mistakes to Avoid
- -Using a national baseline answer when Washington has a state-specific rule
- -Confusing DFI guidance, RCW requirements, and WAC implementation details
- -Treating temporary authority, remote work, or exemptions as blanket permission
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