(a) In order to meet the prelicensing education requirement referred to in § 45-13-302(c)(4), an individual shall complete at least twenty (20) hours of education approved in accordance with subsection (b), which shall include at least:

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Terms Used In Tennessee Code 45-13-304

  • Contract: A legal written agreement that becomes binding when signed.
  • Fraud: Intentional deception resulting in injury to another.
  • Individual: means a natural person. See Tennessee Code 45-13-105
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Nationwide Mortgage Licensing System and Registry: means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of licensed mortgage loan originators. See Tennessee Code 45-13-105
  • Nontraditional mortgage product: means any mortgage product other than a thirty-year fixed rate residential mortgage loan. See Tennessee Code 45-13-105
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(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) For purposes of subsection (a), prelicensing education courses shall be reviewed and approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards. Review and approval of a prelicensing education course shall include review and approval of the course provider.
(c) Nothing in this section shall preclude any prelicensing education course, as approved by the Nationwide Mortgage Licensing System and Registry, that is provided by the 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 either in a classroom, online or by any other means approved by the Nationwide Mortgage Licensing System and Registry.
(e) The prelicensing education requirements approved by the Nationwide Mortgage Licensing System and Registry in subdivisions (a)(1)-(3) for any state shall be accepted as credit toward completion of prelicensing education requirements in this state.
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