Section 710 IAC 1-22-4 - Educational requirementsAuthority: 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.(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:(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:(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.(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.Securities Division; 710 IAC 1-22-4; filed Jan 19, 2006, 12:19 p.m.: 29 IR 1924