An amendment numbered 9 printed in House Report 110-450 to provide that the Nationwide Mortgage Licensing System and Registry shall not directly or indirectly offer educational courses for pre-licensure or continuing education for mortgage originators. In approving courses under this Act, the Nationwide Mortgage Licensing System and Registry shall apply reasonable standards in the review and approval of courses.

1. 1

   Change 1: Replaces “reviewed, approved, and” with “reviewed, and”

   ReplacesPage 15, line 10Printed page

   In H.R. 3915 · Reported in House

   (1) In general.--In order to meet the annual continuing education requirements referred to in subsection (a)(2), a State-licensed loan originator shall complete at least 8 hours of education approved in accordance with paragraph (2), which shall include at least 3 hours of Federal law and regulations and 2 hours of ethics.

   (2) Approved educational courses.--For purposes of paragraph (1), continuing education courses shall be reviewed, [struck: approved, ]and published by the Nationwide Mortgage Licensing System and Registry.

   (3) Calculation of continuing education credits.--A State- licensed loan originator--

   Original wording

   Page 15, line 10, strike “reviewed, approved, and” and insert “reviewed, and”.

2. 2

   Change 2: Inserts new text on page 15, line 12

   InsertsPrinted page

   Inserted: (3) Limitation and standards.--

   Inserted: (A) Limitation.--To maintain the independence of the approval process, the Nationwide Mortgage Licensing System and Registry shall not directly or indirectly offer pre-licensure educational courses for loan originators.

   Inserted: (B) Standards.--In approving courses under this section, the Nationwide Mortgage Licensing System and Registry shall apply reasonable standards in the review and approval of courses.

   Original wording

   Page 15, after line 12, insert the following new paragraph:

3. 3

   Change 3: Strikes “and administered”

   StrikesPage 15, line 13Printed page

   In H.R. 3915 · Reported in House

   (d) Testing of Loan Originators.--

   (1) In general.--In order to meet the written test requirement referred to in subsection (b)(5), an individual shall pass, in accordance with the standards established under this subsection, a qualified written test developed [struck: and administered ]by the Nationwide Mortgage Licensing System and Registry.

   (2) Qualified test.--A written test shall not be treated as a qualified written test for purposes of paragraph (1) unless--

   Original wording

   Page 15, line 13, strike “and administered”.

4. 4

   Change 4: Inserts “and administered by an approved test provider” before the period

   InsertsPage 15, line 14Printed page

   Inserted: and administered by an approved test provider

   Original wording

   Page 15, line 14, insert “and administered by an approved test provider” before the period.

5. 5

   Change 5: Replaces “reviewed, approved, and” with “reviewed, and”

   ReplacesPage 17, line 23Printed page

   In H.R. 3915 · Reported in House

   (1) In general.--In order to meet the annual continuing education requirements referred to in subsection (a)(2), a State-licensed loan originator shall complete at least 8 hours of education approved in accordance with paragraph (2), which shall include at least 3 hours of Federal law and regulations and 2 hours of ethics.

   (2) Approved educational courses.--For purposes of paragraph (1), continuing education courses shall be reviewed, [struck: approved, ]and published by the Nationwide Mortgage Licensing System and Registry.

   (3) Calculation of continuing education credits.--A State- licensed loan originator--

   Original wording

   Page 17, line 23, strike “reviewed, approved, and” and insert “reviewed, and”.

6. 6

   Change 6: Inserts new text on page 18, line 14

   InsertsPrinted page

   Inserted: (5) Limitation and standards.--

   Inserted: (A) Limitation.--To maintain the independence of the approval process, the Nationwide Mortgage Licensing System and Registry shall not directly or indirectly offer any continuing education courses for loan originators.

   Inserted: (B) Standards.--In approving courses under this section, the Nationwide Mortgage Licensing System and Registry shall apply reasonable standards in the review and approval of courses.

   Original wording

   Page 18, after line 14, insert the following new paragraph:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed