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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

073

:
LICENSED LENDERS











 

§

2204a. Mortgage loan originator prelicensing and relicensing education

requirement

(a) In order to

meet the prelicensing education requirement for a mortgage loan originator, a

person shall complete at least 20 hours of education approved in accordance

with subsection (b) of this section, which shall include at least:

(1) Three hours

of federal law and regulations;

(2) Three hours

of ethics, which shall include instruction on fraud, consumer protection, and

fair lending issues; and

(3) Two hours of

training related to lending standards for the nontraditional mortgage product

marketplace.

(4) Two hours of

Vermont law and regulations.

(b) For purposes

of subsection (a) 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.

(c) 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.

(d) Prelicensing

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

prelicensing education requirements approved by the Nationwide Mortgage Licensing

System and Registry in subdivisions (a)(1), (2), and (3) of this section for

any state shall be accepted as credit toward completion of prelicensing

education requirements in Vermont.

(f) A person

previously licensed as a mortgage loan originator under this chapter applying

to be licensed again must prove that he or she has completed all of the

continuing education requirements for the year in which the license was last

held. (Added 2009, No. 29, § 1; amended 2013, No. 29, § 4, eff. May 13, 2013.)