Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 599-F
Pre-licensing educational requirements
Banking (BNK) CHAPTER 2, ARTICLE 12-E
§ 599-f. Pre-licensing educational requirements. 1. Minimum
educational requirements. In order to meet the pre-licensing education
requirement referred to in this article, a person shall complete at
least twenty hours of education approved in accordance with subdivision
two of this section, which shall include at least the following minimum
requirements:

(a) Three hours of federal law and regulations;

(b) Three hours of ethics, which shall include instruction on fraud,
consumer protection, and fair lending issues;

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

(d) Three hours of training on applicable New York State law and
regulations as may be approved by the superintendent.

2. Approved education courses. For purposes of subdivision one of this
section, pre-licensing education courses shall be such courses,
including the course provider thereof, as shall have been reviewed, and
approved, by the NMLSR based upon reasonable standards. An hour of
education for purposes of this article shall be as defined by the NMLSR.

3. Employer and affiliate education courses. Nothing in this section
shall preclude any pre-licensing education course, as approved by the
NMLSR, 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.

4. Venue of education. Pre-licensing education may be offered either
in a classroom, online or by any other means approved by the NMLSR.

5. Reciprocity of education courses. Pre-licensing education courses
approved by the NMLSR pursuant to paragraphs (a), (b) and (c) of
subdivision one of this section for any state shall be accepted as
credit towards completion of pre-licensing education requirements in
this state.

6. Re-licensing educational requirements. An individual licensed under
this article subsequent to its effective date applying to be licensed
again must prove that he or she has completed all the continuing
education requirements for the year in which the license was last held.