South Carolina Law Practice Test 100% Correct Solved

South Carolina Law Practice Test 100% Correct Solved This unit, as part of the DCA, was established in October 2013 to provide consumer education and guidance, and to enforce the state's Financial Identity Fraud and Identity Theft Protection Act. - Correct Answer ️️ -The Identity Theft Unit A penalty in an amount between $1,500 and $7,500 may be assessed on a person for violation of which provision? - Correct Answer ️️ -Fee Agreement Provisions of SC Law Parties may contract for a delinquency charge on any installment of a consumer loan not paid in full within how many days after its due date? - Correct Answer ️️ -10 days Final administrative rulings must: - Correct Answer ️️ -Be on the record and include a finding of fact and conclusions of law What is the fee for filing an initial rate schedule with the DCA? - Correct Answer ️️ - $45 The NMLS database helps license applicants in which of the following ways? - Correct Answer ️️ -Relieving them of the burden of resubmitting the information retained in the NMLS database. On what date do licenses expire? - Correct Answer ️️ -December 31st. And at least 30 days prior to the expiration date, licensees must pay renewal fees and submit renewal applications through the NMLS. Applications received after December 31st are considered late and late fees apply. The Department will compile all of the information on the mortgage logs and make the data available to the public by what date each year? - Correct Answer ️️ -By June 30th of each year Adjudicatory hearings and actions under the Licensing of Mortgage Brokers Act and the Mortgage Lending Act are governed by: - Correct Answer ️️ -the South Carolina Administrative Procedure Act The Council of Advisors on Consumer Credit consists of 16 members who are appointed by - Correct Answer ️️ -the Governor This division is charged with determining compliance with the laws and regulations of the state of South Carolina and monitoring the operations of banks, trust companies, and credit unions. - Correct Answer ️️ -The Banking Division The Banking Division is headed by: - Correct Answer ️️ -the Commissioner A communication with a borrower to obtain the information necessary for the processing or underwriting of a loan is considered a: - Correct Answer ️️ -Clerical or support duty A regulation filed with the Legislative Council is not valid against a person who has not had actual knowledge of it until: - Correct Answer ️️ -It has been made available for public inspection, filed with the Council, and printed in the State Register In a maximum rate schedule, which of the following two terms must be displayed in larger type than the other information in the schedul