Wisconsin § 224.755 - Education and testing requirements for mortgage loan originators.

§ 224.755. Education and testing requirements for mortgage loan originators.

224.755(1) (1) Education requirements applicable prior to license issuance. Subject to sub. (3) (a) and (c) , an applicant for a license under s. 224.725 (1) , prior to the division’s issuance of the license, shall complete at least 20 hours of education, including a minimum of all of the following: 224.755(1)(a) (a) Three hours of federal law and regulations. 224.755(1)(b) (b) Three hours of ethics, including instruction on fraud, consumer protection, and fair lending issues. 224.755(1)(c) (c) Two hours of training related to lending standards for the nontraditional mortgage product marketplace. 224.755(2) (2) Continuing education requirements. Subject to subs. (3) (a) , (c) , (d) , and (f) , an applicant for renewal of a license under s. 224.725 (5) , prior to the division’s renewal of the license, shall annually complete at least 8 hours of education, including a minimum of all of the following: 224.755(2)(a) (a) Three hours of federal law and regulations. 224.755(2)(b) (b) Two hours of ethics, including instruction on fraud, consumer protection, and fair lending issues. 224.755(2)(c) (c) Two hours of training related to lending standards for the nontraditional mortgage product marketplace. 224.755(3) (3) Education approval. 224.755(3)(a) (a) No education course may count toward the requirement under sub. (1) or (2) unless the course has been reviewed and approved by the nationwide multistate licensing system and registry based upon reasonable standards, including review and approval of the course provider. 224.755(3)(b) (b) An education course meeting the standard under par. (a) may count toward the requirements under subs. (1) and (2) even if the course is any of the following: 224.755(3)(b)1. 1. Provided by the applicant’s or licensee’s employer, by an entity affiliated with the applicant or licensee by an agency contract, or by any subsidiary or affiliate of such an employer or affiliated entity. 224.755(3)(b)2. 2. Offered through the Internet or another online or electronic medium. 224.755(3)(b)3. 3. Taken in another state. 224.755(3)(c) (c) If an individual was previously registered as a loan originator under s. 224.72 , 2007 stats., or previously licensed as a mortgage loan originator under s.