Section R20-4-907. Course of Study

A.      A course of study shall be satisfactorily completed if the applicant has:

1.        Attended at least 24 hours of class, and

2.        Received a passing grade on the final exam.

B.       A course of study shall meet all the following requirements:

1.        The following items shall be submitted by the school to the Superintendent on an annual basis:

a.         Course materials;

b.        Class content outlines on a session-by-session basis; and

c.         Sample final exam.

2.        The following subjects shall be taught:

a.         Mortgage, deed of trust, and security agreement law;

b.        Negotiable instrument law;

c.         Mortgage broker law;

d.        Escrow agent law;

e.         Recordkeeping requirements of R20-4-917;

f.         Federal Housing Administration, Veterans Administration, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation requirements;

g.        Ethics;

h.        Principal and agent law;

i.         Arithmetical  computations  common   to  mortgage brokerage;

j.         Real estate lending principles;

k.        Real estate law;

l.         Real Estate Settlement Procedures Act, 12 U.S.C. 2601 through 2617, and Consumer Credit Protection Act, 15 U.S.C. 1601 through 1666j; and

m.       Securities law.

3.        A final exam shall be given that substantially tests the student’s knowledge of the subjects described above.

C.      The Superintendent shall review the items submitted to the Department and determine within 60 days of submission whether the proposed course of study is satisfactory. The Superintendent may audit a course of study at any time. If the Superintendent finds that a course of study is unsatisfactory, or if the Superintendent has not received the course materials, course content outlines, and sample final exam within the prior

13  months,  the   Superintendent  may  withhold  or   suspend approval.

Historical Note

Adopted effective August 14, 1991 (Supp. 91-3). R20-4-

907 recodified from R4-4-907 (Supp. 95-1).

Adopted effective August 14, 1991 (Supp. 91-3). R20-4-

908 recodified from R4-4-908 (Supp. 95-1). Section repealed by final rulemaking at 5 A.A.R. 2094, effective June 10, 1999 (Supp. 99-2).