UST 2016 Exam Questions with Correct Answers

UST 2016 Exam Questions with Correct Answers The SAFE Act creates standard guidelines for state legislation to regulate loan originators. In order to meet the standards established under the SAFE Act, state licensing laws must include: - Answer-licensing requirements. effective supervision of those who are licensed. a program for enforcement of the law. Under SAFE Act standards, effective supervision by a state regulator includes: - Answer-participating in the NMLS; writing rules and regulations or adopting procedures necessary to the licensing of loan originators; conducting background checks for: criminal history through fingerprint and other databases; civil or administrative records; credit history; or any other information as deemed necessary by the NMLS setting and accepting fees for new licenses and renewals through the NMLS; setting or resetting of renewal or reporting dates; approving or denying loan originator applications and renewals; implementing laws related to requirements for amending or surrendering a license; and bringing appropriate enforcement actions for violations of state or federal law by issuing: license denials, suspensions, conditions or revocations; cease-and-desist orders; civil money penalties; and orders to make consumer refunds State supervisory authority also includes: - Answer-establishing a process to verify individuals and persons acting as independent contractors are licensed as required. examining books, papers, records or other data of any loan originator operating within that state. summoning any person having possession, custody or care of reports and records to appear and produce the records. administering oaths and affirmations. examining, taking and preserving testimony.