Section 5. (a) An applicant for a mortgage loan originator's license shall complete a minimum of 20 hours of pre-licensing education approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards which shall include, without limitation: (i) 3 hours of federal law and regulations; (ii) 3 hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; (iii) 2 hours of training related to lending standards for the nontraditional mortgage product marketplace; and (iv) state law and regulation, which shall include instruction on state consumer protection laws and other related statutes.
[There is no subsection (b).]
Structure Massachusetts General Laws
Part III - Courts, Judicial Officers and Proceedings in Civil Cases
Title IV - Certain Writs and Proceedings in Special Cases
Chapter 255f - Licensing of Mortgage Loan Originators
Section 5 - Pre-Licensing Education
Section 6 - Qualified Written Examination
Section 7 - Renewal, Expiration and Reinstatement of Licenses
Section 8 - Continuing Education
Section 10 - Challenge to Information Entered Into Nationwide Mortgage Licensing System and Registry
Section 11 - Administration and Enforcement of Chapter
Section 14 - Investigations and Examinations
Section 15 - Prohibited Conduct Constituting Violation of Chapter