45-730. Prelicensing education requirements; course review and approval; relicensure requirements.
313 words·~1 min read·
/ne/chapter-45/45-730A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)In order to meet the prelicensing education requirements referred to in subdivision (1)(d) of section 45-729 , an individual shall complete at least twenty hours of education approved in accordance with subsection
(2)of this section, which shall include at least the following:
(a)Three hours of instruction in federal law and regulations regarding mortgage origination;
(b)Three hours of instruction in ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and
(c)Two hours of instruction related to lending standards for the nontraditional mortgage product marketplace.
(2)For purposes of subsection
(1)of this section, prelicensing education courses shall be reviewed and approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards. Review and approval of a prelicensing education course shall include review and approval of the course provider.
(3)Nothing in this section shall preclude any prelicensing education course, as approved by the Nationwide Mortgage Licensing System and Registry, that is provided by the employer of the applicant or an entity which is affiliated with the applicant by an agency contract or any subsidiary or affiliate of such employer or entity.
(4)Prelicensing education may be offered either in a classroom, online, or by any other means approved by the Nationwide Mortgage Licensing System and Registry.
(5)The prelicensing education requirements approved by the Nationwide Mortgage Licensing System and Registry in subsection
(1)of this section for any state shall be accepted as credit towards completion of prelicensing education requirements in this state.
(6)An individual who previously held a mortgage loan originator license applying to be licensed again shall prove that he or she has either
(a)completed all of the continuing education requirements for the year in which the license was last held or
(b)made up any deficiency in continuing education as provided by subsection
(8)of section 45-733 .