Source: http://lawfilesext.leg.wa.gov/law/wsr/2013/06/13-06-022.htm
Timestamp: 2020-05-26 10:51:12
Document Index: 361755238

Matched Legal Cases: ['§ 208', '§ 208', '§ 208', '§ 208', '§ 208', '§ 208']

WSR 13-06-022
[ Filed February 27, 2013, 11:34 a.m. , effective April 1, 2013 ]
Purpose: To increase the number of required prelicensing education hours specific to Washington law. On April 1, 2013, a uniform state test section will be added to the national SAFE test. The Washington specific component test will be phased out. An increase in the number of Washington specific prelicensing education hours will ensure mortgage loan originator applicants have knowledge of Washington law prior to licensing.
The rule making was proposed under OFM Guideline 3.d.
Citation of Existing Rules Affected by this Order: Amending WAC 208-660-355 and 208-660-360.
Statutory Authority for Adoption: Chapter 43.320 RCW, RCW 19.146.223.
Adopted under notice filed as WSR 13-01-086 on December 18, 2012.
Changes Other than Editing from Proposed to Adopted Version: WAC 208-660-355(1): Insert "(a)" in front of "Yes." Then insert a new subsection (b) as follows: "(b) You will receive credit for having completed the SAFE required prelicensing education for every state once you have successfully completed the SAFE required prelicensing education requirements approved by the NMLS for any state." Adding this language clarifies that the mortgage loan originator (MLO) requirement in the Mortgage Broker Practices Act is consistent with the same MLO requirement in the Consumer Loan Act.
Date Adopted: February 27, 2013.
OTS-5202.3
AMENDATORY SECTION(Amending WSR 12-18-048, filed 8/29/12, effective 11/1/12)
WAC 208-660-355 Loan originators -- Prelicensing education. (1)(a) Must I obtain prelicensing education before I will be given a license? Yes. You must ((take 20)) complete at least twenty-two hours of prelicensing education from an NMLS approved provider. The prelicensing education must include at least three hours of federal law and regulations; three hours of ethics, which must include instruction on fraud, consumer protection, and fair lending issues; two hours related to lending standards for the nontraditional mortgage product marketplace; and at least ((two)) four hours of training specifically related to Washington law.
(b) You will receive credit for having completed the SAFE required prelicensing education for every state once you have successfully completed the SAFE required prelicensing education requirements approved by the NMLS for any state.
(2) Who provides prelicensing education? The NMLS approves course providers and courses for prelicensing education. See the NMLS Resource Center for a list of approved providers and courses.
(3) Must I ((take)) complete continuing education in the year I complete the prelicensing education? No. You will not have a continuing education requirement in the year in which you complete the core twenty hours of prelicensing education.
[Statutory Authority: Chapter 43.320 RCW and RCW 19.146.223. 12-18-048, § 208-660-355, filed 8/29/12, effective 11/1/12. Statutory Authority: RCW 43.320.040, 19.146.223, and 2009 c 528. 09-24-091, § 208-660-355, filed 12/1/09, effective 1/1/10.]
WAC 208-660-360 Loan originators -- Testing. (1) Must I pass a test prior to becoming a loan originator? Yes. You must take and pass the NMLS ((national and state tests prior to becoming a)) sponsored loan originator test. The test has two parts; one on federal law and regulation and one on uniform state law and regulation. You must receive a score of seventy-five percent or higher to pass the test.
(2) Where may I find information about the loan originator test? The NMLS contracts for its test provider. You will find information on the test provider on the NMLS web site at www.stateregulatoryregistry.org.
(3) How much does the loan originator test cost? Testing costs are set by contract between the test provider and the NMLS and may be modified from time to time. The department will publish the current testing fee on its web site or you may find it on the NMLS web site at www.stateregulatoryregistry.org.
(4) How do I register to take the loan originator test? The department will provide a link to the NMLS test provider on its web site.
(6) After passing the loan originator test, will I have to take it again? You must retake the loan originator test if you have not been a loan originator within the past five years.
(7) How soon after failing the loan originator test may I take it again? You may retake a test three consecutive times with each consecutive taking occurring at least thirty days after the preceding test. After failing three consecutive tests, you must wait at least six months before taking the test again.
[Statutory Authority: Chapter 43.320 RCW and RCW 19.146.223. 12-18-048, § 208-660-360, filed 8/29/12, effective 11/1/12. Statutory Authority: RCW 43.320.040, 19.146.223, and 2009 c 528. 09-24-091, § 208-660-360, filed 12/1/09, effective 1/1/10. Statutory Authority: RCW 43.320.040, 19.144.070, 2008 c 109. 09-01-156, § 208-660-360, filed 12/23/08, effective 1/23/09. Statutory Authority: RCW 43.320.040, 19.146.223, 2006 c 19. 06-23-137, § 208-660-360, filed 11/21/06, effective 1/1/07.]