§ 19-14.10-7 - Pre-licensing and re-licensing education of loan originators.
SECTION 19-14.10-7
§ 19-14.10-7 Pre-licensing andre-licensing education of loan originators. – (a) In order to meet the pre-licensing education requirement referred to inthis chapter a person shall complete at least twenty (20) hours of educationapproved in accordance with subsection (b) of this section, which shall includeat least:
(1) Three (3) hours of Federal law and regulations;
(2) Three (3) hours of ethics, which shall includeinstruction on fraud, consumer protection, and fair lending issues;
(3) Two (2) hours of training related to lending standardsfor the nontraditional mortgage product marketplace; and
(4) Three (3) hours of Rhode Island law and regulations.
(b) For purposes of subsection (a) of this section,pre-licensing education courses shall be reviewed, and approved by thenationwide mortgage licensing system and registry based upon reasonablestandards. Review and approval of a pre-licensing education course shallinclude review and approval of the course provider.
(c) Nothing in this section shall preclude any pre-licensingeducation course, as approved by the nationwide mortgage licensing system andregistry that is provided by the employer of the applicant or an entity whichis affiliated with the applicant by an agency contract, or any subsidiary oraffiliate of such employer or entity.
(d) Pre-licensing education may be offered either in aclassroom, online or by any other means approved by the nationwide mortgagelicensing system and registry.
(e) The pre-licensing education requirements approved by thenationwide mortgage licensing system and registry for any state shall beaccepted as credit towards completion of pre- licensing education requirementsin Rhode Island.
(f) A person previously licensed under this chaptersubsequent to the effective date of this chapter applying to be licensed againmust prove that they have completed all of the continuing educationrequirements for the year in which the license was last held.