Guam § 36307 - Pre-Licensing and Re-Licensing Education of Loan

§ 36307. Pre-Licensing and Re-Licensing Education of Loan

Originators.

(a) Minimum Educational Requirements. In order to meet the pre-

licensing education requirement referred to in § 36306 (d) of this Act, 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:

(1) three (3) hours of Federal law and regulations;

(2) three (3) hours of ethics, which shall include instruction on

fraud, consumer protection, and fair lending issues; and

(3) two (2) hours of training related to lending standards for the

nontraditional mortgage product marketplace.

(b) Approved Educational Courses. For the purposes of Subsection

(a) of this Section, pre-licensing education courses shall be reviewed, and

approved by the Nationwide Mortgage Licensing System and Registry based

upon reasonable standards. Review and approval of a pre-licensing

education course shall include review and approval of the course provider.

(c) Approval of Employer and Affiliate Educational Courses. Nothing

in this Section shall preclude any pre-licensing 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) Venue of Education. Pre-licensing education may be offered

either in a classroom, online or by any other means approved by the

Nationwide Mortgage Licensing System and Registry.

(e) Reciprocity of Education. The pre-licensing education

requirements approved by the Nationwide Mortgage Licensing System and

Registry in Subsections (a)(1), (2) and (3) of this Section for any State shall

be accepted as credit towards completion of pre-licensing education

requirements in Guam.

COL4122017

18 GCA BUSINESS STRUCTURE & FUNCTION

(f) Re-Licensing Education Requirements. A person previously

licensed under this Act, subsequent to the Effective Date of this Act and

applying to be licensed again, must prove that they have completed all of the

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

held.