32-9-107. Prelicensing education requirements for mortgage loan originators.
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32-9-107 . Prelicensing education requirements for mortgage loan originators.
(1)An individual seeking a mortgage loan originator's license shall complete at least 20 hours of approved education courses, which must include at least:
(a)3 hours of training on federal law and regulations;
(b)3 hours of training in ethics, including instruction on fraud, consumer protection, and fair lending issues; and
(c)2 hours of training related to lending standards for the nontraditional mortgage product marketplace.
(2)In addition to the training required in subsections (1)(a), (1)(b), and (1)(c), the department may require by rule that applicants complete additional hours of training that are specific to Montana residential mortgage statutes and rules.
(3)The prelicensing education courses that comply with the requirements of subsection
(1)and that are approved by the NMLS for any other state must be accepted with respect to the completion of prelicensing education requirements in Montana. (See part compiler's comment regarding contingent suspension.)