2013 New York Consolidated Laws
BNK - Banking
Article 12-E - (599-A - 599-R) LICENSED MORTGAGE LOAN ORIGINATORS
599-F - Pre-licensing educational requirements.

 
    §   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.