RCW 19.146.340
Loan originator applicants.
(1) Each loan originator applicant shall complete at least twenty hours of prelicensing education approved by the nationwide mortgage licensing system and registry. The prelicensing education shall include at least three hours of federal law and regulations; three hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; two hours of training related to lending standards for the nontraditional mortgage product marketplace; and at least two hours of training specifically related to Washington law.
(2) A loan originator applicant having successfully completed the prelicensing education requirements approved by the nationwide mortgage licensing system and registry for any state shall be accepted as credit towards completion of prelicensing education requirements in this state.
(3) This chapter does not preclude any prelicensing education course, as approved by the nationwide mortgage licensing system and registry, that is provided by the employer of the loan originator applicant or an entity which is affiliated with the applicant by an agency contract, or any subsidiary or affiliate of such an employer or entity. Prelicensing education may be offered either in a classroom, online, or by any other means approved by the nationwide mortgage licensing system and registry.
[ 2009 c 528 § 7.]
NOTES:
Effective date—License requirement—Implementation—2009 c 528: See notes following RCW 19.146.010.
Structure Revised Code of Washington
Title 19 - Business Regulations—Miscellaneous
Chapter 19.146 - Mortgage Broker Practices Act.
19.146.005 - Findings and declaration.
19.146.020 - Exemptions from chapter.
19.146.0201 - Loan originator, mortgage broker—Prohibitions—Requirements.
19.146.060 - Accounting requirements.
19.146.070 - Fee, commission, or compensation—When permitted.
19.146.085 - Duties—Generally.
19.146.095 - Fiduciary duties.
19.146.100 - Violations of chapter—Application of consumer protection act.
19.146.103 - Financial interest in a mortgage broker—Prohibited practices.
19.146.110 - Criminal penalty.
19.146.210 - License—Requirements for issuance—Denial—Validity—Surrender—Interim license—Rules.
19.146.215 - Continuing education—Rules.
19.146.218 - Informal settlement of complaints or enforcement actions—Director's discretion.
19.146.220 - Director—Powers and duties—Violations as separate violations—Rules.
19.146.221 - Action by director—Hearing—Sanction.
19.146.223 - Director—Administration and interpretation.
19.146.225 - Director—Rule-making powers.
19.146.226 - Director—Licensing rules and interim procedures.
19.146.227 - Cease and desist order—Action to enjoin and enforce.
19.146.230 - Administrative procedure act application.
19.146.233 - Subpoena authority—Application—Contents—Notice—Fees.
19.146.235 - Director's authority to conduct investigations and examinations—Rules—Penalty.
19.146.237 - Director—Powers under chapter 19.144 RCW.
19.146.240 - Violations—Claims against bond or alternative.
19.146.245 - Violations—Liability.
19.146.250 - Authority restricted to person named in license—Exceptions.
19.146.260 - Registered agent for brokers without physical office in state—Venue.
19.146.265 - Branch offices—Fee—Licenses—Rules.
19.146.320 - Loan originator license—Not assignable.
19.146.325 - Loan originator license—Test.
19.146.340 - Loan originator applicants.
19.146.350 - Loan originators—Continuing education—Requirements.
19.146.370 - Disclosure of information—Privilege—Confidentiality—Exceptions.
19.146.380 - Director's authority to contract—Records and fees.
19.146.390 - Mortgage brokers—Call reports—Licensing system and registry.
19.146.400 - Director's authority—Violation and enforcement reporting.
19.146.903 - Effective dates—1994 c 33.