State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-733

45-733. Licensed mortgage loan originator;continuing education; continuing education courses; review and approval; creditas instructor; relicensure requirements.(1) A licensed mortgage loan originatorshall complete annually at least eight hours of education approved in accordancewith subsection (2) of this section, which shall include at least:(a) Three hours of instruction in federal laws and regulations regardingmortgage origination;(b) Two hours of instruction in ethics, which shall include instructionon fraud, consumer protection, and fair lending issues; and(c) Two hours of instruction related to lending standards for the nontraditionalmortgage product marketplace.(2) For purposes of subsection (1) of this section, continuing educationcourses shall be reviewed and approved by the Nationwide Mortgage LicensingSystem and Registry based upon reasonable standards. Review and approval ofa continuing education course shall include review and approval of the courseprovider.(3) Nothing in this section shall preclude any education course, asapproved by the Nationwide Mortgage Licensing System and Registry, that isprovided by the employer of the mortgage loan originator, an entity whichis affiliated with the mortgage loan originator by an agency contract, orany subsidiary or affiliate of such employer or entity.(4) Continuing education may be offered either in a classroom, online,or by any other means approved by the Nationwide Mortgage Licensing Systemand Registry.(5) A licensed mortgage loan originator:(a) Shall only receive credit for a continuing education course in theyear in which the course is taken except as provided in subsection (8) ofthis section; and(b) Shall not take the same approved course in the same or consecutiveyears to meet the annual requirements for continuing education.(6) A licensed mortgage loan originator who is an instructor of an approvedcontinuing education course may receive credit for the licensed mortgage loanoriginator's own annual continuing education requirement at the rate of twohours credit for every one hour taught.(7) An individual having successfully completed the education requirementsapproved by the Nationwide Mortgage Licensing System and Registry in subdivisions(1)(a), (b), and (c) of this section for any state shall be accepted as credittowards completion of continuing education requirements in this state.(8) A licensed mortgage loan originator who subsequently becomes unlicensedshall complete the continuing education requirements for the last year inwhich the license was held prior to issuance of a new license or renewal license.Such individual may make up any deficiency in continuing education as establishedby rule, regulation, or order of the director if such individual meets therequirements of subdivision (2)(a) of section 45-732 and has paid the newapplication fee as provided by subsection (2) of section 45-728 or the reinstatementfee as provided by subdivision (4)(b) of section 45-742. SourceLaws 2009, LB328, § 18; Laws 2010, LB892, § 13.