§ 6.1-431.11. (Repealed effective October 1, 2010) Continuing educationrequirements for mortgage loan originators.
A. A licensed mortgage loan originator shall complete annually at least eighthours of continuing education approved in accordance with subsection B, whichshall include at least (i) three hours related to federal law andregulations, (ii) two hours related to ethics, which shall includeinstruction about fraud, consumer protection, and fair lending issues, and(iii) two hours related to lending standards for the nontraditional mortgageproduct marketplace.
B. For purposes of subsection A, continuing education courses shall bereviewed and approved by the Registry based upon reasonable standards. Reviewand approval of a continuing education course shall include review andapproval of the course provider.
C. Nothing in this section shall preclude any education course, as approvedby the Registry, that is provided by (i) the employer of the mortgage loanoriginator; (ii) an entity that is affiliated with the mortgage loanoriginator by an agency contract; or (iii) any subsidiary or affiliate ofsuch employer or entity.
D. Continuing education may be offered in a classroom, online, or by anymeans approved by the Registry.
E. A licensed mortgage loan originator may only receive credit for acontinuing education course in the year in which the course is taken and maynot take the same approved course in the same or successive years to meet theannual requirements for continuing education.
F. A licensed mortgage loan originator who is an instructor of an approvedcontinuing education course may receive credit for his annual continuingeducation requirement at the rate of two hours of credit for every one hourof teaching.
G. Successful completion of the education requirements approved by theRegistry in subsection A for any state shall be accepted as completion ofcontinuing education requirements in the Commonwealth.
§ 6.1-431.11. (Repealed effective October 1, 2010) Continuing educationrequirements for mortgage loan originators.
A. A licensed mortgage loan originator shall complete annually at least eighthours of continuing education approved in accordance with subsection B, whichshall include at least (i) three hours related to federal law andregulations, (ii) two hours related to ethics, which shall includeinstruction about fraud, consumer protection, and fair lending issues, and(iii) two hours related to lending standards for the nontraditional mortgageproduct marketplace.
B. For purposes of subsection A, continuing education courses shall bereviewed and approved by the Registry based upon reasonable standards. Reviewand approval of a continuing education course shall include review andapproval of the course provider.
C. Nothing in this section shall preclude any education course, as approvedby the Registry, that is provided by (i) the employer of the mortgage loanoriginator; (ii) an entity that is affiliated with the mortgage loanoriginator by an agency contract; or (iii) any subsidiary or affiliate ofsuch employer or entity.
D. Continuing education may be offered in a classroom, online, or by anymeans approved by the Registry.
E. A licensed mortgage loan originator may only receive credit for acontinuing education course in the year in which the course is taken and maynot take the same approved course in the same or successive years to meet theannual requirements for continuing education.
F. A licensed mortgage loan originator who is an instructor of an approvedcontinuing education course may receive credit for his annual continuingeducation requirement at the rate of two hours of credit for every one hourof teaching.
G. Successful completion of the education requirements approved by theRegistry in subsection A for any state shall be accepted as completion ofcontinuing education requirements in the Commonwealth.
§ 6.1-431.11. (Repealed effective October 1, 2010) Continuing educationrequirements for mortgage loan originators.
A. A licensed mortgage loan originator shall complete annually at least eighthours of continuing education approved in accordance with subsection B, whichshall include at least (i) three hours related to federal law andregulations, (ii) two hours related to ethics, which shall includeinstruction about fraud, consumer protection, and fair lending issues, and(iii) two hours related to lending standards for the nontraditional mortgageproduct marketplace.
B. For purposes of subsection A, continuing education courses shall bereviewed and approved by the Registry based upon reasonable standards. Reviewand approval of a continuing education course shall include review andapproval of the course provider.
C. Nothing in this section shall preclude any education course, as approvedby the Registry, that is provided by (i) the employer of the mortgage loanoriginator; (ii) an entity that is affiliated with the mortgage loanoriginator by an agency contract; or (iii) any subsidiary or affiliate ofsuch employer or entity.
D. Continuing education may be offered in a classroom, online, or by anymeans approved by the Registry.
E. A licensed mortgage loan originator may only receive credit for acontinuing education course in the year in which the course is taken and maynot take the same approved course in the same or successive years to meet theannual requirements for continuing education.
F. A licensed mortgage loan originator who is an instructor of an approvedcontinuing education course may receive credit for his annual continuingeducation requirement at the rate of two hours of credit for every one hourof teaching.
G. Successful completion of the education requirements approved by theRegistry in subsection A for any state shall be accepted as completion ofcontinuing education requirements in the Commonwealth.
