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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.)