§ 6.2-1708. (Effective October 1, 2010) Pre-licensing education of mortgageloan originators.
A. In order to meet the pre-licensing education requirement referred to insubdivision 3 of § 6.2-1707, an applicant shall complete at least 20 hours ofpre-licensing education courses, approved in accordance with subsection B,which shall include at least (i) three hours of federal law and regulations;(ii) three hours of ethics, which shall include instruction about fraud,consumer protection, and fair lending issues; and (iii) two hours of trainingrelated to lending standards for the nontraditional mortgage productmarketplace.
B. Pre-licensing education courses shall be reviewed and approved by theRegistry based upon reasonable standards. Review and approval of a courseshall include review and approval of the course provider.
C. Nothing in this section shall preclude the provision of any pre-licensingeducation course that has been approved by the Registry by: (i) the employerof the applicant; (ii) an entity that is affiliated with the applicant by anyagency contract; or (iii) a subsidiary or affiliate of such employer orentity.
D. Pre-licensing education courses may be offered in a classroom, online, orby any other means approved by the Registry.
§ 6.2-1708. (Effective October 1, 2010) Pre-licensing education of mortgageloan originators.
A. In order to meet the pre-licensing education requirement referred to insubdivision 3 of § 6.2-1707, an applicant shall complete at least 20 hours ofpre-licensing education courses, approved in accordance with subsection B,which shall include at least (i) three hours of federal law and regulations;(ii) three hours of ethics, which shall include instruction about fraud,consumer protection, and fair lending issues; and (iii) two hours of trainingrelated to lending standards for the nontraditional mortgage productmarketplace.
B. Pre-licensing education courses shall be reviewed and approved by theRegistry based upon reasonable standards. Review and approval of a courseshall include review and approval of the course provider.
C. Nothing in this section shall preclude the provision of any pre-licensingeducation course that has been approved by the Registry by: (i) the employerof the applicant; (ii) an entity that is affiliated with the applicant by anyagency contract; or (iii) a subsidiary or affiliate of such employer orentity.
D. Pre-licensing education courses may be offered in a classroom, online, orby any other means approved by the Registry.
§ 6.2-1708. (Effective October 1, 2010) Pre-licensing education of mortgageloan originators.
A. In order to meet the pre-licensing education requirement referred to insubdivision 3 of § 6.2-1707, an applicant shall complete at least 20 hours ofpre-licensing education courses, approved in accordance with subsection B,which shall include at least (i) three hours of federal law and regulations;(ii) three hours of ethics, which shall include instruction about fraud,consumer protection, and fair lending issues; and (iii) two hours of trainingrelated to lending standards for the nontraditional mortgage productmarketplace.
B. Pre-licensing education courses shall be reviewed and approved by theRegistry based upon reasonable standards. Review and approval of a courseshall include review and approval of the course provider.
C. Nothing in this section shall preclude the provision of any pre-licensingeducation course that has been approved by the Registry by: (i) the employerof the applicant; (ii) an entity that is affiliated with the applicant by anyagency contract; or (iii) a subsidiary or affiliate of such employer orentity.
D. Pre-licensing education courses may be offered in a classroom, online, orby any other means approved by the Registry.
