NAC645F.500. Requirements for initial licensure.

     1. A natural person who is an applicant for an initial license as a covered service provider, foreclosure consultant or loan modification consultant must complete at least:

     (a) If the applicant is applying for a license as a covered service provider, 25 hours of instruction.

     (b) If the applicant is applying for a license as a foreclosure consultant, 20 hours of instruction.

     (c) If the applicant is applying for a license as a loan modification consultant, 15 hours of instruction.

     2. The required hours of instruction may be through live instruction in a classroom or through distance education.

     3. The hours of instruction required by subsection 1 must include:

     (a) Three hours of professional ethics, which must include instruction on fraud, consumer protection and fair lending issues;

     (b) Six hours of federal law and regulations relating to mortgage lending, which must include not less than:

          (1) Two hours regarding the Real Estate Settlement Procedures Act, 12 U.S.C. §§ 2601 et seq.;

          (2) Two hours regarding the Truth in Lending Act, 15 U.S.C. §§ 1601 et seq., and Regulation Z, 12 C.F.R. Part 226; and

          (3) Two hours regarding other federal laws and regulations, including, without limitation, information related to the tax consequences of loan modification or foreclosure and federal programs designed to assist homeowners facing foreclosure; and

     (c) Four hours of Nevada law and regulations relating to mortgages, at least 2 hours of which must be related to this chapter and chapter 645F of NRS.

     4. In addition to the hours of instruction specified in subsection 3, an applicant for an initial license must complete an adequate number of hours of instruction in elective subjects to meet the number of hours of instruction required by subsection 1.

     5. An applicant for an initial license must provide to the Commissioner one or more certificates of completion, in a form satisfactory to the Commissioner, indicating that the applicant has successfully completed the hours of instruction required by this section. Certificates issued for all such courses must bear the name of the certifying organization.

     (Added to NAC by Comm’r of Mortgage Lending by R052-09, eff. 8-25-2009)