Which two statutes govern mortgage licensing in South Carolina?

The correct answer is MLA and MBA because these two statutes establish the legal framework for mortgage licensing in South Carolina. The MLA, or Mortgage License Act, outlines the licensing requirements for individuals and entities involved in the mortgage business, ensuring that they meet certain standards and adhere to regulations aimed at protecting consumers and maintaining industry integrity.

The MBA, which stands for Mortgage Bankers Association, while not a statute in itself, represents a professional association that plays a significant role in influencing mortgage regulations and standards. Its guidance and advocacy help shape best practices within the industry.

The combination of these two frameworks ensures that mortgage professionals are operating within the legal guidelines set forth by the state. Many other combinations, while they may include terms or entities associated with the mortgage industry, do not reflect the specific statutes governing licensing as accurately as MLA and MBA.