Before approving a supervisory file note in Illinois, a loan file reviewer reviews branch, office, and remote-work controls. Which conclusion is compliant?
Correct Answer
A) Illinois in-state licensees must maintain a full-service office; out-of-state licensees must meet approved alternative conditions.
An Illinois licensee with its principal place of business in Illinois must maintain at least one full-service office with adequate staff, while an out-of-state licensee may instead provide an approved examination location, submit a certified audit showing at least $150000 net worth, and maintain a $100000 fidelity bond.
Why This Is the Correct Answer
An Illinois licensee with its principal place of business in Illinois must maintain at least one full-service office with adequate staff, while an out-of-state licensee may instead provide an approved examination location, submit a certified audit showing at least $150000 net worth, and maintain a $100000 fidelity bond.
More UST Questions
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