§454F-9  Continuing education; mortgage loan

originators.  (a)  Each year, a licensed mortgage loan originator shall

complete at least eight hours of education approved in accordance with

subsection (b) that shall include:

     (1)  Three hours of federal law and regulations;

     (2)  One hour of state law and rules;

     (3)  Two hours of ethics that shall include

instruction on fraud, consumer protection, and fair lending issues; and

     (4)  Two hours of training related to lending

standards for the nontraditional mortgage product marketplace.

     (b)  For purposes of subsection (a), continuing

education courses shall be reviewed and approved by NMLS 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 prohibit the

use of any education course that is approved by NMLS and provided by the

employer of the mortgage loan originator, an entity that is affiliated with the

mortgage loan originator by an agency contract, or any subsidiary or affiliate

of the employer or entity.

     (d)  Continuing education may be offered either

in a classroom, online, or by any other means approved by NMLS.

     (e)  A licensed mortgage loan originator:

     (1)  May only receive credit for a continuing

education course in the year in which the course is taken, except for

continuing education credits received pursuant to this chapter; and

     (2)  May not take the same approved course in the same

or successive years to meet the annual requirements for continuing education;

provided that the term "successive years" shall mean the two years

following the year in which a mortgage loan originator takes an approved

course.

     (f)  A licensed mortgage loan originator who is

an approved instructor of an approved continuing education course may receive

continuing education credit for the course taught at the rate of two hours

credit for every one hour taught.

     (g)  Continuing education courses as described

in subsection (a) and approved by NMLS for any state, that are successfully

completed by a licensed mortgage loan originator, shall be accepted as credit

towards completion of continuing education requirements in this State.

     (h)  A licensed mortgage loan originator who

subsequently becomes unlicensed shall 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)  The license of a licensee meeting the

requirements of section 454F-8(a)(1) and (3) shall expire if the licensee fails

to meet the minimum requirements for continuing education.  Reinstatement of

the expired license shall be allowed as provided for in section 454F-8.5. [L Sp

2009, c 32, pt of §2; am L 2010, c 84, §16; am L 2011, c 194, §9; am L 2013, c

168, §§11, 20]