Authority: IC 24-4.4-1-101

Affected: IC 24-4.4; IC 24-4.5

Sec. 5. (a) To meet the prelicensing education requirements referred to in section 2(d)(3) of this rule, a person shall complete at least twenty (20) hours of education approved in accordance with subsection (b), which must include at least the following:

1. (1) Three (3) hours of federal law and regulations.
2. (2) Three (3) hours of ethics, which must include instruction on fraud, consumer protection, and fair lending issues.
3. (3) Two (2) hours of training related to lending standards for the nontraditional mortgage product marketplace.

(b) For purposes of subsection (a), prelicensing education courses shall be reviewed and approved by the NMLSR based upon reasonable standards. Review and approval of a prelicensing education course must include review and approval of the course provider.

(c) The NMLSR may approve a prelicensing education course that is provided by an employer of the applicant or an entity that is affiliated with the applicant by an agency contract, or any subsidiary or affiliate of the employer or entity.

(d) Prelicensing education may be offered in a classroom, online, or by any other means approved by the NMLSR.

(e) The prelicensing education requirements, approved by the NMLSR in subsection (a) for any state, shall be accepted as completion of prelicensing education requirements in this state.

(f) A person formerly licensed under this article, applying to be licensed again, shall prove that the person has completed all the continuing education requirements for the year in which the license was last held.

(g) A person who:

1. (1) fails to obtain:

   1. (A) a mortgage loan originator license issued by the department; or
   2. (B) a federal mortgage loan registration;
2. within three (3) years from the date of initial completion of any approved prelicensing education course; or

3. (2) obtained:

   1. (A) a mortgage loan originator license issued by the department;
   2. (B) a mortgage loan originator license issued by a state government agency; or
   3. (C) a federal mortgage loan registration;
4. but did not renew the license or federal registration for at least three (3) years;

must complete at least twenty (20) hours of education in order to obtain a mortgage loan origination license issued by the department.

(Department of Financial Institutions; 750 IAC 9-3-5; emergency rule filed Jul 23, 2009, 4:14 p.m.: 20090729-IR-750090577ERA; emergency rule filed Feb 11, 2010, 2:49 p.m.: 20100217-IR-750100102ERA; emergency rule filed Apr 21, 2014, 10:35 a.m.: 20140423-IR-750140133ERA; readopted filed Dec 1, 2015, 9:28 a.m.: 20151230-IR-750150336RFA; emergency rule filed Mar 1, 2016, 11:43 a.m.: 20160309-IR-750160090ERA; emergency rule filed Aug 20, 2019, 8:47 a.m.: 20190828-IR-750190416ERA, eff Nov 24, 2019; readopted filed Nov 3, 2021, 10:48 a.m.: 20211201-IR-750210427RFA; readopted filed Sep 12, 2025, 11:22 a.m.; 20251001-IR-750240630RFA)