1301:8-7-28 Pre-licensing education.

(A) Provider approval.

(1) Persons having "Approved Provider" status for continuing education in accordance with paragraph (E) of rule 1301:8-7-18 of the Administrative Code shall be deemed to be authorized to provide pre-licensing education.

(2) The following other entities may offer pre-licensing education upon approval of the superintendent and thereby become an "Approved Provider" for pre-licensing education:

(a) Colleges or universities;

(b) Community or junior colleges;

(c) Mortgage broker, or mortgage banker, or financial institution trade association, or related organizations;

(d) State or federal agencies or commissions; or

(e) Institutions approved by the state board of career colleges and schools.

(B) Application for course approvals to provide pre-licensing education.

(1) Any person seeking to offer pre-licensing education courses to operations managers and loan officers shall apply to the superintendent of financial institutions for approval of the courses on forms prescribed by the superintendent. The application forms must be submitted to the superintendent at least thirty days prior to the initial date of the proposed course. The application form shall include the following information:

(a) The name, address and telephone number of the person proposing to offer the course, and the names and duties of all persons affiliated in an official capacity with the course;

(b) The policy regarding attendance and the procedure for record-keeping of attendance;

(c) A summary of the course, including:

(i) The maximum number of participants per session;

(ii) The time, date, and location of the course. If the course will be offered more than once within a six month period, the time, date, and location for each course shall be provided if known. The provider may submit for approval any additional dates not already submitted with the initial application for the course on an as-needed basis. Any additional date submission should be made at least ten days prior to the proposed additional date. Such submissions may be made by mail or by electronically emailing a completed and readable scanned image file of the additional date form approved by the superintendent to the person designated to receive additional date submissions. Additional dates submitted electronically shall be deemed received by the superintendent on the day the scanned image file is sent to the proper person designated by the superintendent;

(iii) The duration of the course;

(iv) The form of the transcript;

(v) Textbooks and student materials prescribed;

(vi) An outline or syllabus of the entire program of courses demonstrating conformity with the requirements of division (A)(5) of section 1322.03 of the Revised Code and division (A)(4) of section 1322.03 1 of the Revised Code;

(vii) Attendance or participation fees;

(viii) A sample of any intended advertising;

(ix) The number of credit hours. A credit hour consists of fifty minutes of instruction. Breaks, introductions, lunches, announcements of other non-instruction time is to be excluded in calculating the credit hours requested. Each course shall be of a length as set forth by division (A)(5) of section 1322.03 of the Revised Code and division (A)(4) of section 1322.03 1 of the Revised Code for that subject. Food shall not be served during instruction time.

(x) The title of the course offering.

(d) The names and qualifications of teachers and instructors; and

(e) Any other information required by the superintendent to determine whether the proposed offering will assist operations managers or loan officers in obtaining skill, knowledge, or competency in the mortgage broker business.

(2) An approved provider must inform the division, in writing, of any change in a course's location, date or time no later than ten days prior to the course. The superintendent has the discretion to waive the ten day notice requirement where the circumstances for the change were beyond the control of the provider.

(3) The approved provider shall give a transcript to each attendee of the course within three business days following the course date. A copy of each transcript shall be maintained by the approved provider for a period of five years. The transcript shall include all applicable information as set forth on the form approved by the division and posted on its web site for that purpose, including:

(a) The attendee's name and address, and driver's license number or other document used for identification purposes;

(b) Course title and certification number;

(c) Date conducted;

(d) Address location where the course was conducted; and

(e) The attendee's hours for each program segment of study.

(C) Course approval criteria.

(1) The superintendent, when acting on an application for approval of a pre-licensing education course, shall apply the following criteria:

(a) The program of study shall consist of a minimum of twenty-four hours of live classroom instruction. Courses consisting of more than twenty per cent of videotaped information or on-line instruction are not permitted. No offering will be approved in which classroom instruction exceeds twelve credit hours in any one day;

(b) For any course offered, the instructor for that course shall have the requisite training and experience in real estate mortgage lending or law to make the instructor competent to present approved course material or information. The instructor shall submit a resume to the division outlining the instructor's experience as part of the course application. The superintendent may consider any combination of, or any single matter of, an instructor's training and experience when approving an instructor;

(c) Passage of an examination by an attendee shall not be a requirement for successful completion of a pre-licensing education course; and

(d) The courses for pre-licensing education shall focus on assisting operations managers or loan officers in obtaining skill, knowledge, or competency in the areas set forth in division (A)(5) of section 1322.03 of the Revised Code and division (A)(4) of section 1322.03 1 of the Revised Code.

(2) Nothing herein shall limit the superintendent's authority to disapprove any application that fails to meet the standards of this rule.

(D) Equivalent/alternative education criteria.

(1) Pre-licensing education credit may be granted to operation manager applicants for certain post-secondary education course work related specifically to the business of mortgage loans that the superintendent determines meets the requirements of division (A)(5)(a) of section 1322.03 of the Revised Code.

(2) Course work will be eligible for consideration and credit only when successfully completed as a part of the applicant's major in finance, economics, or business administration for which a bachelor's or graduate degree was awarded by an accredited four year college or university.

(E) Pre-licensing education credit hours earned shall be good for a period of five years from the certificate date of completion.

Effective: 06/01/2007
R.C. 119.032 review dates: 11/15/2010
Promulgated Under: 119.03
Statutory Authority: 1322.12
Rule Amplifies: 1322.031, 1322.04, 1322.041