§ 59-2095.8. Prelicense education requirements - Course approval.  

A.  In order to meet the prelicensing education requirement referred to in Section 10 of this act, an individual shall complete at least twenty (20) hours of education approved in accordance with subsection B of this section, 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 of this section, prelicensing education courses shall be reviewed and approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards.  Review and approval of a prelicensing education course shall include review and approval of the course provider.

C.  Nothing in this section shall preclude any prelicensing education course as approved by the Nationwide Mortgage Licensing System and Registry that is provided by the employer of the applicant or an entity which is affiliated with the applicant by an agency contract or any subsidiary or affiliate of such employer or entity.

D.  Prelicensing 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 prelicensing education requirements approved by the Nationwide Mortgage Licensing System and Registry in paragraph 1 of subsection A and subsections B and C of this section for any state shall be accepted as credit towards completion of prelicensing education requirements in this state.

F.  An individual previously licensed under this act, subsequent to the effective date of this act and applying to be licensed again, must prove they have completed all of the continuing education requirements for the year in which the license was last held.

Added by Laws 2009, c. 190, § 11, eff. July 1, 2009.