Subdivision 1. Minimum educational requirements. In order to meet the prelicensing education requirement referred to in section 58A.05, clause (4), a person shall complete at least 20 hours of education approved according to subdivision 2, that includes at least:
(1) three hours of federal law and regulations;
(2) three hours of ethics, which includes 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.
Subd. 2. Approved educational courses. For purposes of subdivision 1, prelicensing education courses must be reviewed and approved by the Nationwide Multistate Licensing System and Registry based upon reasonable standards. Review and approval of a prelicensing education course must include review and approval of the course provider.
Subd. 3. Approval of employer and affiliate educational courses. Nothing in this section precludes a prelicensing education course, as approved by the Nationwide Multistate Licensing System and Registry, that is provided by the employer of the applicant or an entity that is affiliated with the applicant by an agency contract, or any subsidiary or affiliate of the employer or entity.
Subd. 4. Venue of education. Prelicensing education may be offered in a classroom, online, or by any other means approved by the Nationwide Multistate Licensing System and Registry.
Subd. 5. Reciprocity of education. The prelicensing education requirements approved by the Nationwide Multistate Licensing System and Registry in subdivision 1 for a state must be accepted as credit toward completion of prelicensing education requirements in Minnesota.
Subd. 6. Relicensing education requirements. A person previously licensed under this chapter after July 31, 2010, applying to be licensed again must prove that the person has completed all of the continuing education requirements for the year in which the license was last held.
2010 c 347 art 4 s 7; 2018 c 104 s 3
Structure Minnesota Statutes
Chapter 58A — Individual Mortgage Originator Licensing
Section 58A.03 — License And Registration Required.
Section 58A.04 — State License And Registration Application And Issuance.
Section 58A.045 — Term Of License And Fees.
Section 58A.05 — Issuance Of License.
Section 58A.06 — Prelicensing And Relicensing Education Of Loan Originators.
Section 58A.07 — Testing Of Loan Originators.
Section 58A.08 — Standards For License Renewal.
Section 58A.09 — Continuing Education For Mortgage Loan Originators.
Section 58A.10 — Authority To Require License.
Section 58A.11 — Nationwide Multistate Licensing System And Registry Information Challenge Process.
Section 58A.12 — Enforcement Authorities, Violations, And Penalties.
Section 58A.13 — Surety Bond Required.
Section 58A.14 — Confidentiality.
Section 58A.15 — Investigation And Examination Authority.
Section 58A.16 — Prohibited Acts And Practices.
Section 58A.17 — Mortgage Call Reports.
Section 58A.18 — Report To Nationwide Multistate Licensing System And Registry.