Code of Virginia § 6.2-1708. Pre-licensing education of mortgage loan originators.
244 words·~1 min read·
/va/title-6-2/chapter-17/6-2-1708A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. In order to meet the pre-licensing education requirement referred to in subdivision 3 of § 6.2-1707 , an applicant shall complete at least 20 hours of pre-licensing education courses, approved in accordance with subsection B, which shall include at least
(i)three hours of federal law and regulations;
(ii)three hours of ethics, which shall include instruction about fraud, consumer protection, and fair lending issues; and
(iii)two hours of training related to lending standards for the nontraditional mortgage product marketplace.
B. Pre-licensing education courses shall be reviewed and approved by the Registry based upon reasonable standards. Review and approval of a course shall include review and approval of the course provider.
C. Nothing in this section shall preclude the provision of any pre-licensing education course that has been approved by the Registry by:
(i)the employer of the applicant;
(ii)an entity that is affiliated with the applicant by any agency contract; or
(iii)a subsidiary or affiliate of such employer or entity.
D. Pre-licensing education courses may be offered in a classroom, online, or by any other means approved by the Registry.
E. Except as otherwise provided by the Commission, pre-licensing education courses shall be subject to such expiration rules as may be established by the Registry. Expired courses shall not count toward the minimum number of hours of pre-licensing education required by subsection A.
2009, cc. 273 , 453 , § 6.1-431.9; 2010, c. 794 ; 2019, c. 740 .