§ 45-730 — Prelicensing education requirements; course review and approval; relicensure requirements

Nebraska § 45-730

• Jurisdiction: Nebraska
• Ch. 45: Interest, Loans, and Debt

Text

(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 .

Legislative History

Source: Laws 2009, LB328, § 15; Laws 2010, LB892, § 12.