| (1) |
Before an individual may be licensed under this chapter, the individual shall complete the number of hours of prelicensing education required by rule made by the commissioner. |
Terms Used In Utah Code 70D-3-301
- Commissioner: means the commissioner of the department. See Utah Code 70D-1-102
- Nationwide database: means the Nationwide Mortgage Licensing System and Registry, authorized under Secure and Fair Enforcement for Mortgage Licensing, 12 U. See Utah Code 70D-3-102
- Prelicensing education: means education taken by an individual seeking to be licensed under this chapter in order to meet the education requirements imposed by Section 70D-3-301 for an individual to obtain a license under this chapter. See Utah Code 70D-3-102
| (2) |
| (a) |
The commissioner shall make the rules described in Subsection (1):
| (ii) |
subject to the requirements of this Subsection (2). |
|
| (b) |
The rules described in Subsection (1) shall require that an individual complete:
| (i) |
at least 20 hours of prelicensing education approved by the nationwide database; and |
| (ii) |
as part of the 20 hours required by Subsection (2)(b)(i):
| (A) |
3 hours of federal law and regulations; |
| (B) |
3 hours of ethics that include instruction on:
| (II) |
consumer protection; and |
| (III) |
fair lending issues; and |
|
| (C) |
2 hours of training related to lending standards for the nontraditional mortgage product marketplace. |
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Enacted by Chapter 72, 2009 General Session
