A loan originator completes 15 hours of pre-licensure education from an approved provider, then realizes 3 hours were duplicated from a previous course taken 6 months ago. How many additional hours must be completed to meet the requirement?
Correct Answer
A) 5 hours, since duplicated hours don't count toward the requirement
Under the SAFE Act, the 20-hour pre-licensure education requirement must consist of unique, non-duplicated content. Duplicated coursework does not count toward fulfilling the requirement, so the applicant needs 5 additional hours of new content.
Why This Is the Correct Answer
Under the SAFE Act, the 20-hour pre-licensure education requirement must consist of unique, non-duplicated content. Duplicated coursework does not count toward fulfilling the requirement, so the applicant needs 5 additional hours of new content.
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Previous Question
An MLO's surety bond claim is filed by a borrower for $35,000 in damages. The MLO's bond amount is $75,000. After the claim is paid, what happens to the MLO's bond coverage?
Next Question
A state requires 24 hours of pre-licensure education for MLOs, including the federal minimums plus an additional 4 hours of state-specific law. If a candidate completes exactly 20 hours covering all federal requirements, what must they do to obtain their license in this state?