New Jersey Administrative Code
Title 3 - BANKING
Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS
Subchapter 2 - LICENSING
Section 3:15-2.10 - Pre-licensing education requirements for mortgage loan originators and qualified individual licensees

Universal Citation: NJ Admin Code 3:15-2.10

Current through Register Vol. 56, No. 18, September 16, 2024

(a) An applicant for a new license as a mortgage loan originator or a qualified individual licensee shall complete, as a pre-licensing requirement, at least 20 hours of education from a provider approved by the NMLSR.

(b) The approved education courses shall include at a minimum, but not be limited to:

1. Three hours of instruction on Federal statutes and regulations;

2. Three hours of instruction on ethics, including instruction on fraud, consumer protection and fair lending issues;

3. Two hours of training related to lending standards for the nontraditional mortgage product marketplace; and

4. Four hours of instruction on State-specific statutes and rules.

(c) Pre-licensing education requirements of another state that were approved by the NMLSR and completed by an applicant for licensure as a New Jersey qualified individual licensee or mortgage loan originator shall be accepted as credit towards completion of the pre-licensing education requirements of this section.

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