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ACT No. 36
Regular Session, 2010
HOUSE BILL NO. 335
BY REPRESENTATIVE ARNOLD
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
an act of fraud, dishonesty, or a breach of trust, or money laundering; provided21
however that any conviction for which an individual has received a pardon, the effect22
of which, according to the law of the jurisdiction granting the pardon, is to void the23 ENROLLEDHB NO. 335
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fact of the conviction, shall not be deemed a conviction for the purposes of this1
Subsection.2
* * *3
§1094. Professional education required for licensure; continuing education4
A.(1) In order to meet the pre-licensing education requirements pursuant to5
R.S. 6:1088, a person shall complete at least twenty-four twenty hours of education6
approved in accordance with this Section, which shall include all of the following7
minimum requirements:8
* * *9
B.(1) In order to meet the annual continuing education requirements pursuant10
to R.S. 6:1088.3, a licensed mortgage loan originator shall complete at least ten eight11
hours of continuing education approved in accordance with Paragraph (2) of this12
Subsection, which shall include all of the following minimum requirements:13
* * *14
Section 2. R.S. 6:1094(A)(1)(d), (B)(1)(d), (C), (D), (E), and (G) are hereby repealed15
in their entirety.16
SPEAKER OF THE HOUSE OF REPRESENTATI VES
PRESIDENT OF THE SENATE
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: