Contents 454F-1 Definitions 454F-1.5 Registration with NMLS required 454F-1.6 Presumption of control 454F-1.7 Duties of a mortgage loan originator company's qualified individual and branch manager 454F-1.8 Sponsorship by mortgage loan originator company, exempt sponsoring mortgage loan originator company, 454F-2 Exemptions 454F-2.5 Exempt sponsoring mortgage loan originator company; registration 454F-3 Requirement of licensure 454F-4 License and registration; application; issuance 454F-4.5 Automatic secondary review of license application 454F-4.8 Decision denying application subject to administrative hearing 454F-4.9 Abandoned applications 454F-5 Issuance of license 454F-6 Pre-licensing and re-licensing; education of mortgage loan originators 454F-7 Testing of mortgage loan originators 454F-8 Standards for license renewal 454F-8.5 Reinstatement of expired licenses 454F-9 Continuing education; mortgage loan originators 454F-10 Authority to require license 454F-10.5 Authorized places of business; designation of qualified individuals and branch managers; branch offices; 454F-10.6 Voluntary cessation of operation; surrender of license 454F-10.7 Change in control of a licensee; fees 454F-11 NMLS registry information; challenge process 454F-12 Enforcement authorities; violations; penalties 454F-13 Repealed 454F-14 Confidentiality 454F-15 Investigation and examination authority 454F-16 Mortgage call reports 454F-17 Prohibited practices 454F-18 Powers of commissioner 454F-19 Unique identifier shown 454F-20 Report to NMLS 454F-21 Repealed 454F-22 Mortgage loan originator, mortgage loan originator company, exempt sponsoring mortgage loan 454F-23 Payment of fees 454F-24 Mortgage servicer companies; mortgage loan originators 454F-25 Nonprofit organizations; mortgage loan originators 454F-26 Repealed 454F-41 Mortgage loan recovery fund; use of fund; fees 454F-42 Statute of limitation; recovery from fund 454F-43 Management of fund 454F-44 Standing 454F-45 Subrogation of rights 454F-46 Waiver of rights 454F-47 Disciplinary action against licensee

     §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 state law and rules;

     (2)  Three hours of ethics, that 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]