70D-3-301. Prelicensing education.
- (1) Before an individual may be licensed under this chapter, the individual shall complete the number of hours of prelicensing education required by rule made by the commissioner.
- (2)
- (a) The commissioner shall make the rules described in Subsection (1):
- (i) in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act; and
- (ii) subject to the requirements of this Subsection (2).
- (b) The rules described in Subsection (1) shall require that an individual complete:
- (i) at least 20 hours of prelicensing education approved by the nationwide database; and
- (ii) as part of the 20 hours required by Subsection (2)(b)(i):
- (A) 3 hours of federal law and regulations;
- (B) 3 hours of ethics that include instruction on:
- (I) fraud;
- (II) consumer protection; and
- (III) fair lending issues; and
- (C) 2 hours of training related to lending standards for the nontraditional mortgage product marketplace.
- (a) The commissioner shall make the rules described in Subsection (1):
Enacted by Chapter 72, 2009 General Session