State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-244_070

§ 53‑244.070. Educational requirements for mortgage loan originators.

(a)        In order to beeligible to apply for a mortgage loan originator license, an individual mustcomplete at least 24 hours of prelicensing education approved in accordancewith subsection (b) of this section, which shall include:

(1)        Three hours offederal law and regulations;

(2)        Three hours ofethics, including instruction on fraud, consumer protection, and fair lendingissues;

(3)        Two hours oftraining related to lending standards for nontraditional mortgage products; and

(4)        Four hours of NorthCarolina laws and regulations.

(b)        Prelicensingeducation courses and the course providers shall be reviewed and approved bythe Nationwide Mortgage Licensing System and Registry using reasonablestandards consistently applied, subject to the Commissioner's approval of anycourse of study required by subdivision (a)(4) of this section. Review andapproval of a prelicensing education course shall include review and approvalof the course provider.

(c)        Nothing in thissection shall preclude any prelicensing education course, approved by theNationwide Mortgage Licensing System and Registry, that is provided by theemployer of the applicant or an entity that is affiliated with the applicant byan agency contract, or any subsidiary or affiliate of the employer or entity.

(d)        Except as providedin subsection (e) of this section, prelicensing education may be offered onlyin a classroom or classroom equivalent setting, as approved by the NationwideMortgage Licensing System and Registry.

(e)        An individualhaving successfully completed the prelicensing educational requirements in anyother state, if the requirements have been approved by the Nationwide MortgageLicensing System and Registry, shall be given credit for those hours toward thecompletion of the prelicensing requirements in this State, other than the hoursrequired under subdivision (a)(4) of this section.

(f)         An individualpreviously licensed under this Article whose license expires and who requests alate renewal of license pursuant to G.S. 53‑244.101 must prove that theindividual has completed all of the continuing education requirements for thepreceding year.  (2009‑374,s. 2.)