§ 50142. — 50142. (Amended by Stats. 2014, Ch. 123, Sec. 4.)

California § 50142.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 20.: DIVISION 20. CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT
• Ch. 3.5.: CHAPTER 3.5. Mortgage Loan Originators

Text

(a)
An applicant for a mortgage loan originator license shall complete at least 20 hours of education approved in accordance with subdivision (b). The education shall include at least the following:
(1)
Three hours of instruction on federal law and regulations.
(2)
Three hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues.
(3)
Two hours of training related to lending standards for the
nontraditional mortgage product marketplace.
(4)
Two hours of training related to relevant California law and regulations.
(b)
For purposes of subdivision (a), prelicensing education courses shall be reviewed and approved by the Nationwide Mortgage Licensing System and Registry. 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 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 the 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 for any state other than California shall be accepted as credit toward completion of prelicensing education requirements in California.
(f)
An individual previously licensed 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 that individual last held the license.

Legislative History

Amended by Stats. 2014, Ch. 123, Sec. 4. (SB 1459) Effective January 1, 2015.