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.

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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What is the required action if a licensee changes their name or address?

Submit a new application
Notify within 10 days
Inform the Commissioner within 30 days
Pay a penalty fee

The correct answer is: Inform the Commissioner within 30 days

When a licensee changes their name or address, the correct procedure is to inform the Commissioner within 30 days. This requirement is in place to ensure that the regulatory authority has up-to-date information on all licensed individuals, which is crucial for maintaining the integrity and security of the licensing process. Timely notification helps in proper communication regarding any official correspondence and ensures compliance with licensing regulations, avoiding potential lapses that could impact the licensee’s standing. Other responses may suggest different timelines or requirements, but informing the Commissioner within a specified period is the established regulatory action to ensure that all records remain accurate and current. This practice also aids in avoiding issues that could arise from outdated information that might affect the licensee's operations or legal obligations.