(a)  In order to meet the pre-licensing education requirement referred to in this chapter, a person shall complete at least twenty (20) hours of education approved in accordance with subsection (b), 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;

(3)  Two (2) hours of training related to lending standards for the nontraditional mortgage product marketplace; and

(4)  Three (3) hours of Rhode Island law and regulations.

Terms Used In Rhode Island General Laws 19-14.10-7

  • Contract: A legal written agreement that becomes binding when signed.
  • Fraud: Intentional deception resulting in injury to another.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6

(b)  For purposes of subsection (a), 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)  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 that is affiliated with the applicant by an agency contract, or any subsidiary or affiliate of such employer or entity.

(d)  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)  The pre-licensing education requirements approved by the Nationwide Mortgage Licensing System and Registry for any state shall be accepted as credit towards completion of pre-licensing education requirements in Rhode Island.

(f)  A person, previously licensed under this chapter subsequent to the effective date of this chapter 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.

History of Section.
P.L. 2009, ch. 148, § 3; P.L. 2009, ch. 160, § 3.