The Montana Division of Banking and Financial Institutions (Montana DBFI) has notified NMLS of a change to its pre-licensure education requirements. Effective March 1, 2014, individuals seeking licensure with Montana DBFI will be required to complete two (2) hours of Montana DBFI-specific education. The new pre-licensure education requirements are as follows:
- 3 hours of Federal Law;
- 3 hours of Ethics (must include fraud, consumer protection, and fair lending issues);
- 2 hours lending standards for Non-Traditional mortgage products;
- 10 hours of General Electives
- 2 hours of Montana DBFI electives
- Total = 20 hours
NMLS has posted an Education Notice explaining in detail the new education requirements. Course providers intending to offer a course to meet the new requirements need to pay close attention to the content requirements and reference list contained in the education notice. The notice may be found on the course provider section of the NMLS Resource Center under the section Important Policy Information.