710 IAC 1-22-4 - Educational requirements
Authority: IC 23-2-1-15
Affected: IC 23-2-5-21
Sec. 4.
(a) Only live
instruction courses shall be acceptable for the purposes of the initial
academic instruction requirement for loan broker licensing and originator
registration.
(b) The following are
required during the academic instruction courses completed by each applicant
for an initial license or certificate of registration:
(1) At least one (1) hour of Indiana loan
broker law, including, but not limited to, the following:
(A) Licensing and originator registration
procedures.
(B) Bona fide third
party fees.
(C) Advance
fees.
(D) The Loan Broker Act,
including the penalties for violation.
(E) Loan broker regulations.
(2) At least two (2) hours of
federal loan broker law, including, but not limited to, the following:
(A) The Real Estate Settlement Procedures Act
(RESPA).
(B) The Equal Credit
Opportunity Act (ECOA).
(C) The
Truth in Lending Act (TILA).
(D)
Penalties for violating the above.
(c) Credit time for academic instruction
shall be:
(1) based upon a fifty (50) minute
hour; and
(2) awarded only for
actual time of instruction. No credit shall be given for testing time or break
time.
(d) Each person
applying for a license or certificate of registration must successfully pass
all tests required by the academic instruction courses submitted by the
applicant to the commissioner for the purposes of license application or
registration.
(e) A particular loan
broker academic instruction course may not be taken more than once in any
twelve (12) month period. This prohibition shall not apply to courses designed
to refresh previous academic instruction by presenting changes in the
following:
(1) Rules.
(2) Laws.
(3) Regulations.
(4) Other similar areas.
(f) To be given credit for academic
instruction time for a course not currently approved by the commissioner, the
license or registration applicant must request approval from the commissioner
by submitting a detailed:
(1)
syllabus;
(2) table of contents;
or
(3) course outline; including a
time line for the course.
(g) Prospective vendors who wish to have
their academic instruction courses approved must submit to the commissioner the
following:
(1) A completed application
form.
(2) The instructor's edition,
bound and paginated, of the materials used for the course.
(3) A course time line.
(h) Any academic instruction course approval
issued by the commissioner shall remain valid for one (1) year from the date of
the commissioner's approval letter. In order to obtain a renewal of course
approval, the vendor shall submit:
(1) a
renewal application; and
(2) any
updated course materials;
to the commissioner. The course materials must be bound and paginated.
(i)
Approved academic instruction course vendors shall maintain records of
attendees for two (2) years after completion of the course.
(j) The commissioner, or any representative
thereof, may attend an academic instruction course for the purpose of
monitoring the course materials and instruction, and ensuring that each is
presented as outlined in the course registration materials.
Notes
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