CODE OF VIRGINIA

PRE-LICENSING EDUCATION OF MORTGAGE LOAN ORIGINATORS (§ 6.2-1708)

A. In order to meet the pre-licensing education requirement referred to in
subdivision 3 of § 6.2-1707, an applicant shall complete at least 20 hours of
pre-licensing education courses, approved in accordance with subsection B, which
shall include at least (i) three hours of federal law and regulations; (ii)
three hours of ethics, which shall include instruction about fraud, consumer
protection, and fair lending issues; and (iii) two hours of training related to
lending standards for the nontraditional mortgage product marketplace.

B. Pre-licensing education courses shall be reviewed and approved by the
Registry based upon reasonable standards. Review and approval of a course shall
include review and approval of the course provider.

C. Nothing in this section shall preclude the provision of any pre-licensing
education course that has been approved by the Registry by: (i) the employer of
the applicant; (ii) an entity that is affiliated with the applicant by any
agency contract; or (iii) a subsidiary or affiliate of such employer or entity.

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

HISTORY: 2009, cc. 273, 453, § 6.1-431.9; 2010, c. 794.