AD Banker Comprehensive Practice Exam

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Enhance your exam readiness with the AD Banker Comprehensive Exam guide. Includes flashcards and multiple-choice questions with explanations.

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How many days does a licensee have to inform the Commissioner of a change of legal name or address?

The correct answer is: 30

The requirement for a licensee to inform the Commissioner of a change of legal name or address within a specified time frame is set to ensure that the state's licensing authority maintains accurate and updated contact information for all licensed individuals. The correct timeframe is 30 days. This period is designed to allow the prompt processing of changes to ensure that all relevant communications and notices can still reach the licensee without delay. Timely notification of such changes is critical in maintaining compliance with regulatory standards and sustaining the integrity of the licensing process. By adhering to this requirement, licensees can avoid potential issues or penalties that may arise from failing to keep their information current. This also aids the Commissioner in managing the licensing database effectively, thereby facilitating regulation and oversight in the industry.