P.R. Laws tit. 7, § 3055e
(a) Every applicant for a mortgage loan originator license shall complete at least twenty (20) hours of pre-licensing education approved by the nationwide mortgage licensing system and registry which shall include, at least:
(1) Three (3) hours of federal laws 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 nontraditional mortgage product market.
(b) All pre-licensing education courses shall be reviewed and approved by the nationwide mortgage licensing system and registry based on reasonable standards. The review and approval of said courses shall include the review and approval of the provider of the course.
(c) Nothing in this section shall preclude any pre-licensing educational course as approved by the nationwide mortgage licensing system and registry that is provided by the employer of the applicant or by an entity affiliated to the applicant by an agency contract, or any subsidiary or affiliate of such employer or entity.
(d) Pre-licensing education courses may be offered at any place or through any means approved by the nationwide mortgage licensing system and registry.
(e) Pre-licensing education courses approved by the nationwide mortgage licensing system and registry and offered in any jurisdiction shall be accredited in Puerto Rico for purposes of the issuance of this license.
History —Dec. 30, 2010, No. 247, § 5.6, eff. 120 days after Dec. 30, 2010.