45-730 Prelicensing education requirements; course review and approval; relicensure requirements. - Nebraska Statutes

45-730. Prelicensing education requirements; course review and approval; relicensurerequirements.(1) In order to meet the prelicensing education requirements referred to in subdivision (1)(d)of section 45-729, an individual shall complete at least twenty hours of educationapproved in accordance with subsection (2) of this section, which shall includeat least the following:(a) Three hours of instruction in federal law and regulations regardingmortgage origination;(b) Three hours of instruction in ethics, which shall include instructionon fraud, consumer protection, and fair lending issues; and(c) Two hours of instruction related to lending standards for the nontraditionalmortgage product marketplace.(2) For purposes of subsection (1) of this section, prelicensing educationcourses shall be reviewed and approved by the Nationwide Mortgage LicensingSystem and Registry based upon reasonable standards. Review and approval ofa prelicensing education course shall include review and approval of the courseprovider.(3) Nothing in this section shall preclude any prelicensing educationcourse, as approved by the Nationwide Mortgage Licensing System and Registry,that is provided by the employer of the applicant or an entity which is affiliatedwith the applicant by an agency contract or any subsidiary or affiliate ofsuch employer or entity.(4) Prelicensing education may be offered either in a classroom, online,or by any other means approved by the Nationwide Mortgage Licensing Systemand Registry.(5) The prelicensing education requirements approved by the NationwideMortgage Licensing System and Registry in subsection (1) of this section forany state shall be accepted as credit towards completion of prelicensing educationrequirements in this state.(6) An individual who previously held a mortgage loan originator licenseapplying to be licensed again shall prove that he or she has either (a) completedall of the continuing education requirements for the year in which the licensewas last held or (b) made up any deficiency in continuing education as providedby subsection (8) of section 45-733. SourceLaws 2009, LB328, § 15; Laws 2010, LB892, § 12.