§ 40-23-127 — Prelicensing and relicensing education of loan originators

(a) In order to meet the prelicensing education
requirement referred to in W.S. 40-23-126(a)(iv), a person shall
complete at least twenty (20) hours of education approved in
accordance with subsection (b) of this section, which shall
include at least:
(i) Three (3) hours of federal law and regulations
related to mortgage origination;
(ii) Three (3) hours of ethics, which shall include
instruction on fraud, consumer protection and fair lending
issues; and
(iii) Two (2) hours of training related to lending
standards for the nontraditional mortgage product marketplace.
(b) For purposes of subsection (a) of this section,
prelicensing education courses shall be reviewed and approved by
the registry. The 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 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
registry.
(e) The prelicensing education requirements approved by
the registry in paragraphs (a)(i), (ii) and (iii) of this
section for any state shall be accepted as credit towards
completion of prelicensing education requirements in Wyoming.
(f) An individual licensed under W.S. 40-23-124 after July
1, 2009 and who subsequently applies to be licensed again:
(i) Shall not have to complete prelicensing education
requirements;
(ii) Shall have completed all the continuing
education requirements pursuant to W.S. 40-23-130.