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§19-14.10-10  Continuing education for mortgage loan originators. –

Published: 2015

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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


   (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


   (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


   (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.)