Revision Note
Sections 454F-1 to 454F-26 designated as Part I pursuant to §23G-15.
§454F-9 Continuing education; mortgage loan originators. (a) Each year, a licensed mortgage loan originator shall complete at least eight hours of education approved in accordance with subsection (b) that shall include:
(1) Three hours of federal law and regulations;
(2) One hour of state law and rules;
(3) Two hours of ethics that shall include instruction on fraud, consumer protection, and fair lending issues; and
(4) Two hours of training related to lending standards for the nontraditional mortgage product marketplace.
(b) For purposes of subsection (a), continuing education courses shall be reviewed and approved by NMLS based upon reasonable standards. Review and approval of a continuing education course shall include review and approval of the course provider.
(c) Nothing in this section shall prohibit the use of any education course that is approved by NMLS and provided by the employer of the mortgage loan originator, an entity that is affiliated with the mortgage loan originator by an agency contract, or any subsidiary or affiliate of the employer or entity.
(d) Continuing education may be offered either in a classroom, online, or by any other means approved by NMLS.
(e) A licensed mortgage loan originator:
(1) May only receive credit for a continuing education course in the year in which the course is taken, except for continuing education credits received pursuant to this chapter; and
(2) May not take the same approved course in the same or successive years to meet the annual requirements for continuing education; provided that the term "successive years" shall mean the two years following the year in which a mortgage loan originator takes an approved course.
(f) A licensed mortgage loan originator who is an approved instructor of an approved continuing education course may receive continuing education credit for the course taught at the rate of two hours credit for every one hour taught.
(g) Continuing education courses as described in subsection (a) and approved by NMLS for any state, that are successfully completed by a licensed mortgage loan originator, shall be accepted as credit towards completion of continuing education requirements in this State.
(h) A licensed mortgage loan originator who subsequently becomes unlicensed shall complete the continuing education requirements for the last year in which the license was held prior to issuance of a new or renewed license.
(i) The license of a licensee meeting the requirements of section 454F-8(a)(1) and (3) shall expire if the licensee fails to meet the minimum requirements for continuing education. Reinstatement of the expired license shall be allowed as provided for in section 454F-8.5. [L Sp 2009, c 32, pt of §2; am L 2010, c 84, §16; am L 2011, c 194, §9; am L 2013, c 168, §§11, 20]
Section: Previous 454f-4.8 454f-4.9 454f-5 454f-6 454f-7 454f-8 454f-8.5 454f-9 454f-10 454f-10.5 454f-10.6 454f-10.7 454f-11 454f-12 454f-13 NextLast modified: October 27, 2016