§ 19-14.10-7. Pre-licensing and re-licensing education of loan originators.
(a) In order to meet the pre-licensing education requirement referred to in this chapter, a person shall complete at least twenty (20) hours of education approved in accordance with subsection (b), which shall include at least:
(1) Three (3) hours of Federal law and regulations;
(2) Three (3) hours of ethics, which shall include instruction on fraud, consumer protection, and fair-lending issues;
(3) Two (2) hours of training related to lending standards for the nontraditional mortgage product marketplace; and
(4) Three (3) hours of Rhode Island law and regulations.
(b) For purposes of subsection (a), pre-licensing education courses shall be reviewed and approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards. Review and approval of a pre-licensing education course shall include review and approval of the course provider.
(c) Nothing in this section shall preclude any pre-licensing education course, as approved by the Nationwide Mortgage 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 such employer or entity.
(d) Pre-licensing education may be offered either in a classroom, online, or by any other means approved by the Nationwide Mortgage Licensing System and Registry.
(e) The pre-licensing education requirements approved by the Nationwide Mortgage Licensing System and Registry for any state shall be accepted as credit towards completion of pre-licensing education requirements in Rhode Island.
(f) A person, previously licensed under this chapter subsequent to the effective date of this chapter applying to be licensed again, must prove that they have completed all of the continuing education requirements for the year in which the license was last held.
History of Section.P.L. 2009, ch. 148, § 3; P.L. 2009, ch. 160, § 3.
Structure Rhode Island General Laws
Title 19 - Financial Institutions
Section 19-14.10-1. - Short title.
Section 19-14.10-2. - Purpose.
Section 19-14.10-3. - Definitions.
Section 19-14.10-4. - License and registration required.
Section 19-14.10-5. - State license and registration application and issuance.
Section 19-14.10-6. - Issuance of license.
Section 19-14.10-7. - Pre-licensing and re-licensing education of loan originators.
Section 19-14.10-8. - Testing of loan originators.
Section 19-14.10-9. - Standards for license renewal.
Section 19-14.10-10. - Continuing education for mortgage loan originators.
Section 19-14.10-11. - Authority to require license.
Section 19-14.10-13. - Enforcement authorities, violations and penalties.
Section 19-14.10-14. - Surety bond required.
Section 19-14.10-15. - Confidentiality.
Section 19-14.10-16. - Investigation and examination authority.
Section 19-14.10-17. - Prohibited acts and practices.
Section 19-14.10-18. - Mortgage call reports.
Section 19-14.10-19. - Report to Nationwide Mortgage Licensing System and Registry.
Section 19-14.10-20. - Reserved.