443.717. Prelicensing education requirements.
Prelicensing education requirements.
443.717. 1. Mortgage loan originators shall satisfy a prelicensingeducation requirement through approved education courses of at least twentyhours approved in accordance with subsection 2 of this section, which shallinclude at least:
(1) Three hours of federal law and regulations;
(2) Three hours of ethics, which shall include instruction on fraud,consumer protection, and fair lending issues; and
(3) Two hours of training related to lending standards for thenontraditional mortgage product marketplace.
2. For purposes of subsection 1 of this section, prelicensingapproved education courses include courses reviewed and approved by theNMLSR based upon reasonable standards. Review and approval of aprelicensing education course shall include review and approval of thecourse provider.
3. Nothing in this section shall preclude any prelicensing educationcourse, as approved by the NMLSR, that is provided by the employer of theapplicant or person who is affiliated with the applicant by an agencycontract, or any subsidiary or affiliate of such employer or person.
4. Prelicensing education may be offered in a classroom, on-line, orby any other means approved by the NMLSR.
5. The prelicensing education requirements approved by the NMLSR insubdivisions (1) to (3) of subsection 1 of this section for any state shallbe accepted as credit towards completion of prelicensing educationrequirements in Missouri.
6. A person previously licensed under sections 443.701 to 443.893applying to be licensed again shall prove that they have completed all ofthe continuing education requirements, if any, for the year in which thelicense was last held.
(L. 2009 H.B. 382)Effective 7-08-09