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CALIFORNIA STATE –NMLS DEFINITIONS PRACTICE TEST GRADED TO PASS EXCELLENTLY. $6.49
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CALIFORNIA STATE –NMLS DEFINITIONS PRACTICE TEST GRADED TO PASS EXCELLENTLY.

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In 2013, Dept of Corporations (DOC) and Dept of Financial Inst. (DFI) merged to create this department - ANSWER Department of Business Oversight Financial Services Division (FSD) - ANSWER Subdivision of DBO tasked with regulation pertaining to residential mortgage lending The Finance Lender...

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  • January 28, 2025
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  • 2024/2025
  • Exam (elaborations)
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CALIFORNIA STATE –NMLS DEFINITIONS PRACTICE TEST GRADED TO PASS EXCELLENTLY.

Ca-DBO - ANSWER California Department of Business Oversight

CFLL - ANSWER California Finance Lenders Law

CRMLA - ANSWER California Residential Mortgage Lending Act

NMLS - ANSWER Nationwide Multi-state licensing System & Registry

Senate Bill 36 - ANSWER Implemented Federal SAFE Act requirements

MU1 Form - ANSWER Uniform Mortgage Lender/Mortgage Broker Form used for
companies

MU2 Form - ANSWER Uniform Biographical Statement & Consent Form used for
direct/indirect control persons of a company

MU3 Form - ANSWER Uniform Mortgage Branch Office Form used for Branch
Offices

MU4 Form - ANSWER Individual Mortgage License/Registration & Consent Form
used for individuals (new/amend/surrender/cancel) license

Mission of DBO - ANSWER To regulate state-licensed financial institutions,
products and professionals to provide accessibility to fair and secure financial
services

In 2013, Dept of Corporations (DOC) and Dept of Financial Inst. (DFI) merged to
create this department - ANSWER Department of Business Oversight

Financial Services Division (FSD) - ANSWER Subdivision of DBO tasked with
regulation pertaining to residential mortgage lending

The Finance Lender Law was created to replace 3 licenses: - ANSWER Personal
Property Brokers, Consumer Finance Lenders, Commercial Finance Lenders

In 1995, CFLL contained in Div9 of CA Financial Code commencing with 22000 -
ANSWER Required licensing; prohibits misrepresentation, fraudulent and deceptive
acts; provide administrative, civil and criminal remedies for violation of the law

Secured Loans - ANSWER May be secured by personal property; if principal
amount of loan is >$5k, it may be secured solely by real property or a combo

Unsecured Loans - ANSWER Loans not protected by any collateral like credits card,
student loans and personal loans

Finance Lender - ANSWER Any person who is engaged in the business of making
consumer/commercial loans

"Non-loan" transactions - ANSWER Bona fide leases, automobile sales finance
contracts, retail installment sales not subject toe CFLL

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