New Jersey § 17:11c-59

§ 17:11c-59.

a. An applicant for a new license as a mortgage loan originator or a qualified individual

licensee shall complete, as a pre-licensing requirement, at least 20 hours of education

from an educational course provided by an educational course provider, reviewed and

approved by the Nationwide Mortgage Licensing System and Registry, based upon reasonable

standards established by that nationwide system and registry. (1) Pursuant to the reasonable standards established by the nationwide system and

registry, an approved educational course provider may include the employer or affiliated

business licensee of the applicant, or an entity which is affiliated with the applicant

by an agency contract, or any subsidiary or affiliate of the applicant's employer,

affiliated business licensee, or affiliated entity. (2) Pursuant to the reasonable standards established by the nationwide system and

registry, an approved educational course may be offered at any location and by any

means, including live classroom instruction, prepared group or individual coursework,

or the Internet. b. The approved educational course shall include at a minimum, but not be limited

to: (1) 3 hours of instruction on federal statutes and regulations; (2) 3 hours of instruction on ethics, including instruction on fraud, consumer protection,

and fair licensing issues; and (3) 2 hours of training related to lending standards for the nontraditional mortgage

product marketplace. c. Any pre-licensing educational requirements of another state, reviewed and approved

by the Nationwide Mortgage Licensing System and Registry, and completed by an applicant

for licensure in that state pursuant to the provisions of the federal “Secure and

Fair Enforcement for Mortgage Licensing Act of 2008,” title V of Pub.L.110-289 ( 12 U.S.C. s.5101 et seq. ), shall be accepted by the commissioner from the applicant as credit towards completion

of the reviewed and approved pre-licensing educational requirements of this section

for licensure in this State.