Pre-Licensing and Re-Licensing Education of Loan

Originators.

(a)Minimum Educational Requirements. In order to meet the prelicensing education requirement referred to in § 36306

(d)of this Act, a person 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)Approved Educational Courses. For the purposes of Subsection

(a)of this Section, 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)Approval of Employer and Affiliate Educational Courses. 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 which is affiliated with the applicant by an agency contract, or any subsidiary or affiliate of such employer or entity.

(d)Venue of Education. 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)Reciprocity of Education. The pre-licensing education requirements approved by the Nationwide Mortgage Licensing System and Registry in Subsections (a)(1),

(2)and

(3)of this Section for any State shall be accepted as credit towards completion of pre-licensing education requirements in Guam. COL4122017 CH. 36 MORTGAGES

(f)Re-Licensing Education Requirements. A person previously licensed under this Act, subsequent to the Effective Date of this Act and applying to be licensed again, must prove that they have completed all of the continuing education requirements for the year in which the license was last held.