[§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 at least:



(1)  Three hours of federal law and regulations;



(2)  Two hours of ethics that shall include
instruction on fraud, consumer protection, and fair lending issues; and



(3)  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 the Nationwide Mortgage
Licensing System 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 the Nationwide Mortgage
Licensing System 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 the Nationwide
Mortgage Licensing System and Registry.



(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.



(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 the Nationwide Mortgage Licensing System for
any state, that are successfully completed by a licensed mortgage 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)  A person meeting the requirements of section
454F‑8(a)(1) and (3) may make up any deficiency in continuing education
as established by rule adopted by the commissioner. [L Sp 2009, c 32, pt of §2]