Safe and UST study tool Flashcards
What is the safe act purposes?
To increase Uniformity, Reduce regulatory burden, enhance consumers protection, and to reduce fraud
Supervision by a STATE REGULATORS include…
Participating in the NMLS, Writing rules and regulation or adopting procedures
State SUPERVISORY AUTHORITY inlcudes…
Summoning persons to appear and produce records, Administering oaths and affirmations, Establishing a process to verify licensure
Additional State SUPERVISORY AUTHORITY includes
Entering cease and deist orders, suspending, terminating, and refusing license renewal, imposing civil money penalty
Regulatory Agencies have authority to examine…
Any licensed loan originator and any individual required to have a loan originator license.
Regarding examinations, it is a violation to knowingly…
Withhold, abstract, remove, mutilate, destroy or secrete books, records or other information
Regulatory agencies may conduct examinations for
- Initial licensing or licensing renwal
- License suspension, conditioning, revocation or termination
- Determining compliance with the law
Regarding examinations, Regulatory agencies may access…
any documents that is relevant to an investigation, so such as: criminal, civil administrative history, and personal history
In conduction examinations, Regulatory authority are authorized to…
- Administer oaths
- Subpoena witness
- production of relevant documents
- control access to records of person under investigation
During a period of control of records, no person may…
Remove the records without a court order or the regulatory agency consent
During period of control of records, owner of records may…
Access them in order to conduct regular business affairs
The definition of Individual
A natural person
Definition of person
A natural person, corporation, company, partnership, association and limited liability company
Definition of Residential mortgage loan
Any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust or other security interest
A dwelling is a residential structure that
Contains one to four units, whether or not the structure is attached to real property
