Assemblywoman Greene Hails Education Requirements Legislationmortgagepress.comNYAMB, Aurelia Greene, Education Requirements, Bill #192, New York State Banking Department
Assemblywoman Aurelia Greene of the Bronx, along with the New
York Association of Mortgage Brokers, commended the New York State
Banking Department's inclusion of Ms. Greene's Education
Requirements Legislation (A. 12) in the Department's Program Bill
#192.
Bill #192 requires all applicants for Mortgage Broker licenses
to complete 15 hours of instruction on basic real estate and
mortgage practices, as well as 45 hours of instruction on the
operation of a mortgage brokerage. It also exempts registered
brokers from the initial 15-hour course, but provides them with two
years to complete the 45-hour course work on the operation of a
mortgage brokerage. Every broker will be required to complete five
hours of continuing education annually. Superintendent of Banks
Elizabeth McCaul will promulgate the rules and regulations.
"This has been a long time coming and I am both encouraged and
delighted that the Banking Department understands the need," says
Assemblywoman Greene. "I have worked with the industry over the
years to address this issue, which will enhance the Mortgage Broker
industry, as well as ensure that consumers are dealing with
legitimate and knowledgeable people."
"NYAMB commended the tireless efforts that Assemblywoman Greene
spent in sponsoring and passing our Education Requirements
Legislation (A. 12) through the Assembly Banking Committee," says
NYAMB Legislative Chair Zahra Jafri. "Consumers will greatly
benefit from this bill, which establishes specific educational and
employment requirements for Mortgage Broker applicants."
"Ten years ago, National Association of Mortgage Brokers
Treasurer Nagy Henein and I approached Assemblywoman Greene on
drafting legislation to improve our industry by adding educational
requirements for current and future registered Mortgage Brokers,"
says NYAMB Past President Don Romano. "We are pleased that the
Banking Department has chosen to implement Mrs. Greene's
legislation into their Department Program Bill. Thanks and
congratulations."
