6.1-431.9 - (Repealed effective October 1, 2010) Pre-licensing education of mortgage loan originators. - Virginia Statutes

§ 6.1-431.9. (Repealed effective October 1, 2010) Pre-licensing education ofmortgage loan originators.

A. In order to meet the pre-licensing education requirement referred to in §6.1-431.8, an applicant shall complete at least 20 hours of educationapproved in accordance with subsection B, which shall include at least (i)three hours of federal law and regulations, (ii) three hours of ethics, whichshall include instruction about fraud, consumer protection, and fair lendingissues, and (iii) two hours of training related to lending standards for thenontraditional mortgage product marketplace.

B. For purposes of subsection A, pre-licensing education courses shall bereviewed and approved by the Registry based upon reasonable standards. Reviewand approval of a course shall include review and approval of the courseprovider.

C. Nothing in this section shall preclude any pre-licensing course, asapproved by the Registry, that is provided by (i) the employer of theapplicant; (ii) an entity that is affiliated with the applicant by any agencycontract; or (iii) a subsidiary or affiliate of such employer or entity.

D. Pre-licensing education may be offered in a classroom, online, or by anyother means approved by the Registry.

(2009, cc. 273, 453.)