Which of the following entities is exempt from licensing requirements under the RMLA?

Federally chartered savings associations are exempt from licensing requirements under the California Residential Mortgage Lending Act (RMLA) due to their status as federally regulated financial institutions. These entities are already subject to strict federal oversight and regulations, which are designed to ensure their stability and the protection of consumers. As a result, they do not fall under the specific licensing requirements that apply to state-chartered entities and non-banking lenders involved in residential mortgage lending.

Understanding this exemption is crucial because it highlights the distinction between federally regulated institutions and other mortgage lenders that may require licensing at the state level. This regulation framework aims to provide a balance between consumer protection and ensuring that federally chartered institutions can operate without the additional burden of state licensing mandates, thereby facilitating efficient mortgage lending operations.