The USA Patriot Act

Format | Online Self-Paced

Category | Professional Development

SKU | 4306US00600A00

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The portions of The PATRIOT Act that impact mortgage lending transactions are contained in Title III, which is called the"International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001." Congress authorized The Department of the Treasury to implement Title III of The PATRIOT Act. An agency within the Treasury Department known as the Financial Crimes Enforcement Network (FinCEN) has primary responsibility for investigating, identifying, and reporting information on money laundering and other financial crimes. This professional development online course will review the various provisions of the PATRIOT Act, as they pertain to mortgage transactions.

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South Carolina BFI Mortgage License Requirements

Learn about the South Carolina (BFI) mortgage education requirements for mortgage licensing.

In the state of South Carolina (BFI), mortgage loan originators are required to:

    1. Complete a Criminal Background Check (CBC).
    2. Authorize a credit report through the NMLS.
    3. Fulfill all state and federal education requirements as designated by your state agency.
    4. Take and pass both National Component and South Carolina State Component Tests.
    5. Have attained the age of at least eighteen years of age.
    6. Work for a licensed mortgage lender (W2 employee).
    7. Have never had a loan originator license revoked in any governmental jurisdiction.
    8. Have not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court (1) during the ten-year period preceding the date of the application for licensing or (2) at any time, if the felony involved an act of fraud, dishonesty, breach of trust, or money laundering.
    9. Submission of an authorization to release.

South Carolina (BFI) NMLS Pre-Licensing Education Requirements:

New state-licensed MLOs are required to complete 20 hours of NMLS-approved education. This includes:

  • 3 hours of federal law
  • 3 hours of ethics
  • 2 hours of non-traditional mortgage lending training
  • 3 hours of South Carolina-specific law
  • 9 hours of electives

South Carolina (BFI) Continuing Education Requirements:

State-licensed MLOs are required to complete 8 hours of NMLS-approved mortgage education annually beginning the year they are licensed (unless PE was completed in the same year). This includes:

  • 3 hours of federal law
  • 2 hours of ethics
  • 2 hours of non-traditional mortgage lending
  • 1 hour of South Carolina-specific law

MLOs are advised that to comply with the SAFE Act’s “successive years” rule, they may not take the same CE course two years in a row.

South Carolina (BFI) Mortgage Licensing: 

NMLS Resources: