13-10-06. Prelicensing and relicensing education of loan originators

13-10-06. Prelicensing and relicensing education of loan originators 1. To meet the prelicensing education requirement referred to in subsection 4 of section 13-10-05, a person shall complete at least twenty hours of education approved in accordance with subsection 2, which must include at least: a. Three hours of federal law and regulations; b. Three hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and c. Two hours of training related to lending standards for the nontraditional mortgage product marketplace. 2. For purposes of subsection 1, prelicensing education courses must be reviewed and approved by the nationwide mortgage licensing system and registry based upon reasonable standards. Review and approval of a prelicensing education course must include review and approval of the course provider. 3. Nothing in this section precludes any prelicensing education course, as approved by the nationwide mortgage licensing system and registry, which 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 such employer or entity. 4. Prelicensing education may be offered 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 for any state shall be accepted as credit toward completion of prelicensing education requirements in North Dakota. 6. A person previously licensed under this chapter after the effective date of this chapter applying to be licensed again must prove that that person has completed all of the continuing education requirements for the year in which the license was last held.