§454F-6 Pre-licensing and re-licensing; education of mortgage loan originators. (a) An applicant for licensure as a mortgage loan originator shall complete at least twenty hours of pre-licensing education approved in accordance with subsection (b) that includes:
(1) Three hours of federal law and regulations and three hours of the State's law and rules;
(2) Three hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and
(3) Two hours of training related to lending standards for the nontraditional mortgage product marketplace.
Upon completion of the pre-licensing education, an individual has up to twelve months to submit an application for licensure as a mortgage loan originator. An individual who submits an application after the twelve months have expired will be required to repeat the pre-licensing education requirements.
(b) Pre-licensing education courses shall be reviewed and approved by NMLS based upon reasonable standards. Review and approval of a pre-licensing education course shall include review and approval of the course provider.
(c) Nothing in this section shall prohibit the use of any pre-licensing education course approved by NMLS that is provided by the employer of the applicant, an entity that is affiliated with the applicant by an agency contract, or any subsidiary or affiliate of the employer or entity.
(d) Pre-licensing education may be offered either in a classroom, online, or by any other means approved by NMLS.
(e) The pre-licensing education requirements approved by NMLS for any state shall be accepted as credit towards completion of pre-licensing education requirements in this State.
(f) A person previously licensed under this chapter and applying to be licensed under this chapter shall prove to the satisfaction of the commissioner that the person has completed all of the continuing education requirements for the year in which the license was last held. [L Sp 2009, c 32, pt of §2; am L 2010, c 84, §13; am L 2013, c 168, §§8, 20; am L 2016, c 122, §9]
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