HLS 10RS-1069 ORIGINAL
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Regular Session, 2010
HOUSE BILL NO. 335
BY REPRESENTATIVE ARNOLD
LICENSING: Provides for changes to licensing requirements for mortgage loan originators
AN ACT1
To amend and reenact R.S. 6:1088(E)(3) and 1094(A)(1)(introductory paragraph) and2
(B)(1)(introductory paragraph) and to repeal R.S. 6:1094(A)(1)(d), (B)(1)(d), (C),3
(D), (E), and (G), relative to the licensing requirements of mortgage loan originators;4
to provide for changes to the minimum requirements for licensure of a mortgage loan5
originator; to provide for changes to the pre- and post-licensing continuing education6
requirements of mortgage loan originators; and to provide for related matters.7
Be it enacted by the Legislature of Louisiana:8
Section 1. R.S. 6:1088(E)(3) and 1094(A)(1)(introductory paragraph) and9
(B)(1)(introductory paragraph) are hereby amended and reenacted to read as follows:10
§1088. Application for licensure; surety bond11
* * *12
E. Notwithstanding any other law to the contrary, the commissioner may not13
issue a mortgage loan originator license, unless the commissioner finds that the14
applicant has the following minimum requirements:15
* * *16
(3) Has not been convicted of, pleaded guilty, or nolo contendere to and has17
been adjudicated guilty of a felony in a domestic, foreign, or military court during18
the seven year seven-year period preceding the date of application for licensing and19
registration or at any time preceding such date of application if such felony involved20 HLS 10RS-1069 ORIGINAL
HB NO. 335
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are additions.
an act of fraud, dishonesty, or a breach of trust, or money laundering; provided1
however that any conviction for which an individual has received a pardon, the effect2
of which, according to the law of the jurisdiction granting the pardon, is to void the3
fact of the conviction, shall not be deemed a conviction for the purposes of this4
Subsection.5
* * *6
§1094. Professional education required for licensure; continuing education7
A.(1) In order to meet the pre-licensing education requirements pursuant to8
R.S. 6:1088, a person shall complete at least twenty-four twenty hours of education9
approved in accordance with this Section, which shall include all of the following10
minimum requirements:11
* * *12
B.(1) In order to meet the annual continuing education requirements pursuant13
to R.S. 6:1088.3, a licensed mortgage loan originator shall complete at least ten eight14
hours of continuing education approved in accordance with Paragraph (2) of this15
Subsection, which shall include all of the following minimum requirements:16
* * *17
Section 2. R.S. 6:1094(A)(1)(d), (B)(1)(d), (C), (D), (E), and (G) are hereby repealed18
in their entirety.19
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
Arnold HB No. 335
Abstract: Changes the licensing requirements on the application and continuing education
of mortgage loan originators.
Present law provides that the commissioner of the Office of Financial Institutions may not
issue a mortgage loan originator license, unless the commissioner finds that the applicant has
not been convicted of, pleaded guilty, or nolo contendere to and has been adjudicated guilty
of a felony in a domestic, foreign, or military court during the seven-year period preceding
the date of application for licensing and registration.
Proposed law retains present law but removes the provision that the person was adjudicated
guilty. HLS 10RS-1069 ORIGINAL
HB NO. 335
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are additions.
Present law requires a person to complete at least 24 hours of pre-licensing education.
Proposed law changes present law from 24 hours to 20 hours of pre-licensing education.
Present law allows for four of the 24 hours of pre-licensing education to be Nationwide
Mortgage Licensing System and Registry (NMLS&R) approved courses offered by the
Mortgage Bankers Association or the National Association of Mortgage Brokers.
Proposed law repeals present law.
Present law requires a licensed mortgage loan originator to complete at least 10 hours of
annual continuing education.
Proposed law changes present law from 10 hours to eight hours of annual continuing
education.
Present law allows for two of the 10 hours of the annual continuing education requirement
of a licensed mortgage loan originator to be NMLS&R approved courses offered by the
Mortgage Bankers Association or the National Association of Mortgage Brokers.
Proposed law repeals present law.
Present law requires that all persons applying for reinstatement or renewal of their mortgage
broker, mortgage lender, or originator license to have completed eight hours of continuing
professional education in order to reinstate or renew their license.
Proposed law repeals present law.
Present law requires a nonresident applying for a license to conduct residential mortgage
lending activities in La. to demonstrate that he has completed the educational requirements
established in present law or is entitled to certification by reciprocity.
Proposed law repeals present law.
Present law provides that beginning in the year 2001, any person receiving certification by
reciprocity or examination on July 1 or later shall not be required to have the 10 hours of
continuing professional education required for license renewal until Dec. 31 of the following
year.
Proposed law repeals present law.
Present law provides that no person shall hold himself out as being or advertise as a certified
mortgage broker, mortgage lender, or originator unless such person has completed the
educational requirements established in present law.
Proposed law repeals present law.
Present law provides that any person engaged in residential mortgage lending on or before
Aug. 15, 2003, may obtain a license without completing the professional education or
examination requirements, if they pay all applicable fees and submit completed applications
on or before Jan. 1, 2004.
Proposed law repeals present law.
(Amends R.S. 6:1088(E)(3) and 1094(A)(1)(intro. para.) and (B)(1)(intro. para.); Repeals
R.S. 6:1094(A)(1)(d), (B)(1)(d), (C), (D), (E), and (G))