RCW 31.04.261
Mortgage loan originator—Prelicensing education requirements.
(1) Each mortgage 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 mortgage 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 mortgage 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 120 § 22.]
NOTES:
*Reviser's note: The term "and registry" was removed by 2013 c 29 § 1.
Findings—Declaration—2009 c 120: See note following RCW 31.04.015.
Structure Revised Code of Washington
Title 31 - Miscellaneous Loan Agencies
Chapter 31.04 - Consumer Loan Act.
31.04.025 - Application of chapter.
31.04.027 - Violations of chapter.
31.04.035 - License required—When violation occurs.
31.04.045 - License—Application—Background checks—Fee—Surety bond.
31.04.055 - License—Director's duties.
31.04.065 - License—Information contained.
31.04.075 - Licensee—Place of business.
31.04.085 - Licensee—Assessment—Bond—Time of payment.
31.04.105 - Licensee—Powers—Restrictions.
31.04.115 - Open-end loan—Requirements—Restrictions—Options.
31.04.125 - Loan restrictions—Interest calculations.
31.04.135 - Advertisements or promotions.
31.04.143 - Subpoena authority—Application—Contents—Notice—Fees.
31.04.155 - Licensee—Recordkeeping—Director's access—Report requirement—Failure to report.
31.04.165 - Director—Broad administrative discretion—Rule making—Actions in superior court.
31.04.168 - Director—Powers under chapter 19.144 RCW.
31.04.175 - Violations—No penalty prescribed—Gross misdemeanor—Good faith exception.
31.04.202 - Application of administrative procedure act.
31.04.205 - Enforcement of chapter—Director's discretion—Hearing—Sanctions—Recovery of costs.
31.04.208 - Application of consumer protection act.
31.04.211 - Application of chapter—2009 c 120.
31.04.221 - Mortgage loan originator—License required—Unique identifier required.
31.04.224 - Licensing exemptions—Residential mortgage loans.
31.04.227 - Mortgage loan origination—Independent contractors.
31.04.231 - Individual loan processor—Licensing exemptions.
31.04.234 - Mortgage loan originator license—Application form and content.
31.04.237 - Use of nationwide mortgage licensing system and registry.
31.04.244 - Mortgage loan originator application—Required information—Fees.
31.04.247 - Issuance of mortgage loan originator license—Necessary findings.
31.04.251 - Mortgage loan originator license—Renewal—Surrender—Rules.
31.04.254 - Mortgage loan originator licensing process—Rules—Interim procedures.
31.04.257 - Mortgage loan originator interim license.
31.04.261 - Mortgage loan originator—Prelicensing education requirements.
31.04.264 - Mortgage loan originator—Testing requirements.
31.04.267 - Mortgage loan originator—Continuing education requirements.
31.04.271 - Mortgage loan originators—System information may be challenged.
31.04.277 - Consumer loan companies—When reports of condition are required.
31.04.281 - Reports of violation—2009 c 120.
31.04.284 - Mortgage loan originator—Unique identifier—Display.
31.04.290 - Residential mortgage loan servicer—Requirements—Written detailed information.
31.04.310 - Residential mortgage or student education loan servicer—Appointment of receiver.
31.04.410 - Student education loan servicer licensee.
31.04.415 - Third-party student education loan modification services—Restrictions—Requirements.
31.04.420 - Subject to student education loan servicer requirements—Exempt from licensing.
31.04.430 - Dog or cat purchase contracts.
31.04.510 - Requirements of licensee—Minimum capital—Exceptions.
31.04.515 - Loan requirements—Compliance—Rules.
31.04.520 - Right to rescind transaction.
31.04.535 - Lender default—Treble damages—Civil remedies.
31.04.902 - Effective dates, implementation—1991 c 208.
31.04.903 - Effective date—2009 c 120.
31.04.904 - Effective date—2010 c 35.