Prelicensing and relicensing education of loan officers
Arkansas Code § 23-39-504; Arkansas Code § 23-39-505
(a) Minimum education requirements. In order to meet the prelicensing education requirement of Arkansas Code § 23-39-505(b)(3), a person applying to be licensed as a loan officer under the Fair Mortgage Lending Act, Arkansas Code § 23-39-501 et seq., shall complete at least twenty (20) hours of education approved in accordance with subsection (b) of this section, which shall include at least:
- (1) Three (3) hours of federal law and regulations;
- (2) Three (3) hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and
- (3) Two (2) hours of training related to lending standards for the nontraditional mortgage product marketplace.
(b) Approved educational courses.
- (1) For purposes of subsection (a) of this section, prelicensing education courses shall be reviewed and approved by the NMLS&R based upon reasonable standards.
- (2) Review and approval of a prelicensing education course shall include review and approval of the course provider.
- (c) Approval of employer and affiliate educational courses. Nothing in this section shall preclude any prelicensing education course, as approved by the NMLS&R that is provided by the employer of the applicant or an entity which is affiliated with the applicant by an agency contract, or any subsidiary or affiliate of such employer or entity.
- (d) Venue of education. Prelicensing education may be offered either in a classroom, online, or by any other means approved by the NMLS&R.
- (e) Reciprocity of education. The prelicensing education requirements approved by the NMLS&R in subsection (a) of this section for any state shall be accepted as credit toward the completion of prelicensing education requirements in Arkansas.
- (f) Relicensing education requirements. A person previously licensed under the Fair Mortgage Lending Act subsequent to the effective date of this part applying to be licensed again must prove that they have completed all of the education requirements as required by 23 CAR § 301-601, and 23 CAR § 301-1701.
- (g) The applicant or licensee shall be responsible for all fees and costs associated with this part.