32-9-109. Experience requirements. (1) An individual may not act as a designated manager without a minimum of 3 years of experience working as a mortgage loan originator or in a related field.
(2) An individual may not act as a responsible individual without a minimum of 1 1/2 years of experience working as a mortgage loan originator or in a related field.
(3) The department shall by rule establish what constitutes work in a related field. (See part compiler's comment regarding contingent suspension.)
History: En. Sec. 6, Ch. 516, L. 2003; amd. Sec. 3, Ch. 301, L. 2005; amd. Sec. 3, Ch. 498, L. 2007; amd. Sec. 9, Ch. 321, L. 2009; amd. Sec. 7, Ch. 125, L. 2013; amd. Sec. 6, Ch. 24, L. 2015.
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