32-9-107. Prelicensing education requirements for mortgage loan originators.
32-9-107. Prelicensing education requirements for mortgage loan originators. (1) An individual seeking a mortgage loan originator's license shall complete at least 20 hours of approved education courses, which must include:
(a) at least 3 hours of training on federal law and regulations;
(b) 3 hours of training in ethics, including instruction on fraud, consumer protection, and fair lending issues; and
(c) 2 hours of training related to lending standards for the nontraditional mortgage product marketplace.
(2) The prelicensing education courses that comply with the requirements of subsection (1) and that are approved by the nationwide mortgage licensing system and registry for any other state must be accepted with respect to the completion of prelicensing education requirements in Montana.
(3) If allowed by the nationwide mortgage licensing system and registry, the department is authorized to certify to the nationwide mortgage licensing system and registry that continuing education hours that were previously approved by the department have been completed by a mortgage loan originator.
History: En. Sec. 8, Ch. 321, L. 2009.