Section 06.60.038. Prelicensing and relicensing education of mortgage loan originators.

   (a) Before being licensed as a mortgage loan originator, an individual shall complete at least 20 hours of education approved under (b) of this section. At a minimum, the education must include
        (1) three hours of instruction in federal statutes and regulations relating to mortgage origination, fraud prevention, consumer protection, the nontraditional mortgage marketplace, and fair lending;
        (2) three hours of instruction in ethics, including instruction on issues related to fraud prevention, consumer protection, and fair lending; and
        (3) two hours of training related to lending standards for the nontraditional mortgage product marketplace.
   (b) For the purposes of (a) of this section, a prelicensing education course must be approved under 12 U.S.C. 5104(c)(2) (Secure and Fair Enforcement for Mortgage Licensing Act of 2008). Review and approval of a prelicensing education course includes review and approval of the course provider.
   (c) Nothing in this section precludes a prelicensing education course that is approved under (b) of this section and that is provided by the employer of the applicant, an entity affiliated with the applicant, or a subsidiary or affiliate of an employer or entity affiliated with the applicant.
   (d) Prelicensing education may be offered in a classroom, on-line, or by other means approved under 12 U.S.C. 5104(c)(2) (Secure and Fair Enforcement for Mortgage Licensing Act of 2008).

Authorities

6.60.060

Notes

Implemented As

3 AAC 14.217
3 AAC 14.224

References

3 AAC 14.060
3 AAC 14.217
3 AAC 14.224
AS 6.60.060 .060">Sec. 06.60.060. Determinations before licensing.

History

(Sec. 13 ch 61 SLA 2010)