[§454F-6]  Pre-licensing and re-licensing;
education of mortgage loan originators.  (a)  A person 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;



(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.



(b)  Pre-licensing education courses shall be
reviewed and approved by the Nationwide Mortgage Licensing System 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 the Nationwide Mortgage
Licensing System 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 the Nationwide
Mortgage Licensing System.



(e)  The pre-licensing education requirements
approved by the Nationwide Mortgage Licensing System in subsection (a) 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]