Advanced Search

§2209a. Continuing education for mortgage loan originators


Published: 2015

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
Print

The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

073

:
LICENSED LENDERS











 

§

2209a. Continuing education for mortgage loan originators

(a) In order to

meet the annual continuing education requirements, a licensed mortgage loan

originator shall complete at least eight hours of education approved in

accordance with subsection (b) of this section, which shall include at least:

(1) three hours

of federal law and regulations;

(2) two hours of

ethics, which shall include instruction on fraud, consumer protection, and fair

lending issues; and

(3) two hours of

training related to lending standards for the nontraditional mortgage product

marketplace.

(b) For purposes

of subsection (a) 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, or any subsidiary or affiliate of the employer.

(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

section 2212 of this title 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

hours of 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 subdivisions (a)(1), (2),

and (3) of this section for any state shall be accepted as credit toward

completion of continuing education requirements in Vermont.

(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 who

otherwise meets the requirements of section 2209 of this title may make up any

deficiency in continuing education as established by order, rule, or regulation

of the commissioner. (Added 2009, No. 29, § 1.)