TITLE 19
Financial institutions
CHAPTER 19-14.10
An Act Adopting the Federal Secure and Fair Enforcement for Mortgage Licensing
Act of 2009
SECTION 19-14.10-10
§ 19-14.10-10 Continuing education for
mortgage loan originators.
(a) In order to meet the annual continuing education requirements referred to
in § 19-14.10-9, a licensed mortgage loan originator shall complete at
least (8) hours of education approved in accordance with subsection (2) of this
section, which shall include at least:
(1) Three (3) hours of Federal law and regulations;
(2) Two (2) hours of ethics, which shall include instruction
on fraud, consumer protection, and fair lending issues;
(3) Two (2) hours of training related to lending standards
for the nontraditional mortgage product marketplace; and
(4) One hour of Rhode Island law and regulations.
(b) For purposes of this section, continuing education
courses shall be reviewed, and approved by the nationwide mortgage licensing
system and registry 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 preclude any education
course, as approved by the nationwide mortgage licensing system and registry,
that is provided by the employer of the mortgage loan originator or an entity
which is affiliated with the mortgage loan originator by an agency contract, or
any subsidiary or affiliate of such 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) Except for subsection 19-14.10-9(b) and subsection (i) of
this section, may only receive credit for a continuing education course in the
year in which the course is taken; 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 credit for
the licensed mortgage loan originator's own annual continuing education
requirement at the rate of two (2) hours credit for every one hour taught.
(g) A person having successfully completed the education
requirements approved by the nationwide mortgage licensing system and registry
in subdivision (a)(1), (a)(2) and (a)(3) of this section for any state shall be
accepted as credit towards completion of continuing education requirements in
Rhode Island. Nothing herein shall relieve an applicant of the obligation to
satisfy educational requirements specifically related to Rhode Island law and
regulations.
(h) A licensed mortgage loan originator who subsequently
becomes unlicensed must 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 subdivision
19-14.10-9(a)(1) and (a)(3) may make up any deficiency in continuing education
as established by rule or regulation of the director or the director's designee.
History of Section.
(P.L. 2009, ch. 148, § 3; P.L. 2009, ch. 160, § 3.)
