State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-244_102

§ 53‑244.102. Continuing education for mortgage loan originators.

(a)        A licensed mortgageloan originator shall annually complete at least eight hours of continuingeducation approved in accordance with subsection (b) of this section,including:

(1)        Three hours offederal law and regulations;

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

(3)        Two hours oftraining related to lending standards for nontraditional mortgage products; and

(4)        One hour of NorthCarolina law and regulations.

(b)        Continuingeducation courses shall be reviewed and approved by the Nationwide MortgageLicensing System and Registry based upon reasonable standards. Approval of acontinuing education course shall include approval of the course provider.

(c)        Nothing in thissection shall preclude any continuing education course, approved by theNationwide Mortgage Licensing System and Registry, that is provided by theemployer of the mortgage loan originator or an entity affiliated with themortgage loan originator by an agency contract, or any subsidiary or affiliateof such employer or entity. Continuing education may be offered either in aclassroom, online, or by any other means approved by the Nationwide MortgageLicensing System and Registry.

(d)        A licensed mortgageloan originator:

(1)        Except for G.S. 53‑244.070(a)and subsection (e) of this section, may only receive credit for a continuingeducation course in the year in which the course is taken; and

(2)        May not take thesame approved course in the same or successive years to meet the annualrequirements for continuing education.

(e)        A licensed mortgageloan originator who is an approved instructor of an approved continuingeducation course may receive credit for the licensed mortgage loan originator'sown annual continuing education requirement at the rate of two hours credit forevery one hour taught.

(f)         A licensee havingsuccessfully completed the education requirements approved by the NationwideMortgage Licensing System and Registry in subdivisions (a)(1), (a)(2), and(a)(3) of this section for any state shall be accepted as credit towardcompletion of continuing education requirements in North Carolina.  (2009‑374, s. 2.)