CA SB1459

Requires mortgage loan originator license applicants to complete 2 hours of education on relevant California law and regulations as part of the existing 20-hour prelicensing education requirement.

Requires licensed mortgage loan originators to complete 1 hour of continuing education on relevant California law and regulations as part of the existing 8-hour annual continuing education requirement.

Specifies that written tests developed or deemed acceptable by the Nationwide Mortgage Licensing System and Registry satisfy the qualification test requirement for mortgage loan originator applicants.

Applies identical educational and testing requirements to mortgage loan originators under both the California Finance Lenders Law and the California Residential Mortgage Lending Act.