Which of the following is NOT a requirement to qualify for a CFLL license?

To qualify for a California Finance Lenders Law (CFLL) license, applicants must meet several specific requirements. Among these, having a minimum of five years of industry experience is not a mandated condition for obtaining the license. Instead, the focus is typically on ensuring that the applicant has a sufficient net worth, can maintain a surety bond, and, importantly, does not have a disqualifying criminal history.

The requirement for a net worth of $25,000 helps ensure that the applicant has a basic level of financial stability. Similarly, the need for a surety bond serves as a financial safeguard for consumers and ensures that the licensee can fulfill their financial obligations. Lastly, the lack of a criminal history is an important factor, as it relates to the trustworthiness and reliability of the individual operating in the finance sector.

While industry experience may be beneficial for operational reasons, it is not strictly required under the CFLL, making it the correct answer in this multiple-choice question.