45-13-304 - Pre-licensing education of loan originators.
45-13-304. Pre-licensing education of loan originators.
(a) In order to meet the pre-licensing education requirement referred to in § 45-13-302(c)(4), an individual shall complete at least twenty (20) hours of education approved in accordance with subsection (b), which shall include at least:
(1) Three (3) hours of federal law and regulations;
(2) Three (3) hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and
(3) Two (2) hours of training related to lending standards for the nontraditional mortgage product marketplace.
(b) For purposes of subsection (a), pre-licensing education courses shall be reviewed and approved by the Nationwide Mortgage Licensing System and Registry 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 preclude any pre-licensing education course, as approved by the Nationwide Mortgage Licensing System and Registry, that is provided by the employer of the applicant or 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 the Nationwide Mortgage Licensing System and Registry.
(e) The pre-licensing education requirements approved by the Nationwide Mortgage Licensing System and Registry in subdivisions (a)(1)-(3) for any state shall be accepted as credit toward completion of pre-licensing education requirements in this state.
[Acts 2009, ch. 499, § 8.]