Vermont § 2204a - Mortgage loan originator prelicensing and relicensing education requirement

§ 2204a. Mortgage loan originator prelicensing and relicensing education requirement

• (a) In order to meet the prelicensing education requirement for a mortgage loan originator,
  a person shall complete at least 20 hours of education approved in accordance with
  subsection (b) of this section, which shall include at least: (1) three hours of federal law and regulations; (2) three hours of ethics, which shall include instruction on fraud, consumer protection,
  and fair lending issues; (3) two hours of training related to lending standards for the nontraditional mortgage
  product marketplace; and (4) two hours of Vermont law and regulations. (b) For purposes of subsection (a) of this section, prelicensing education courses shall
  be reviewed and approved by the Nationwide Multistate 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. (c) Nothing in this section shall preclude any prelicensing education course, as approved
  by the Nationwide Multistate 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) Prelicensing education may be offered either in a classroom, online, or by any other
  means approved by the Nationwide Multistate Licensing System and Registry. (e) The prelicensing education requirements approved by the Nationwide Multistate Licensing
  System and Registry in subdivisions (a)(1), (2), and (3) of this section for any state
  shall be accepted as credit toward completion of prelicensing education requirements
  in Vermont. (f) A person previously licensed as a mortgage loan originator under this chapter applying
  to be licensed again must prove that he or she has completed all of the continuing
  education requirements for the year in which the license was last held. This subsection
  does not apply to an individual who is required to retake 20 hours of prelicensing
  education pursuant to subsection (g) of this section. (g) A person who has completed 20 hours of prelicensing education under 12 U.S.C. § 5104(c) must retake such prelicensing education to be eligible to apply for a Vermont loan
  originator license if he or she: (1) within three years of completing the prelicensing education, does not acquire a valid
  mortgage loan originator license in any state or does not become a federally registered
  mortgage loan originator; or (2) within three years of completing the prelicensing education, obtains a valid mortgage
  loan originator license in any state or becomes a federally registered mortgage loan
  originator and subsequently does not maintain an approved mortgage loan originator
  license in any state or an approved federal registration for a period of three years
  or more. (h) A person who has completed two hours of Vermont prelicense education as required by
  subdivision (a)(4) of this section must retake such prelicensing education to be eligible
  to apply for a Vermont mortgage loan originator license if he or she: (1) does not acquire a valid Vermont mortgage loan originator license within three years
  of completing the prelicense education; or (2) obtains a valid Vermont mortgage loan originator license and then subsequently does
  not maintain an approved Vermont mortgage loan originator license for a period of
  three years or more. (Added 2009, No. 29, § 1; amended 2013, No. 29, § 4, eff. May 13, 2013; 2017, No. 22, § 4, eff. May 4, 2017; 2019, No. 20, § 10.)