The minimum standards for license renewal for State-licensed loan originators shall include the following:
(1)The loan originator continues to meet the minimum standards for license issuance.
(2)The loan originator has satisfied the annual continuing education requirements described in subsection (b).
(b) Continuing education for State-licensed loan originators
(1) In general
In order to meet the annual continuing education requirements referred to in subsection (a)(2), a State-licensed loan originator shall complete at least 8 hours of education approved in accordance with paragraph (2), which shall include at least—
(A)3 hours of Federal law and regulations;
(B)2 hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and
(C)2 hours of training related to lending standards for the nontraditional mortgage product marketplace.
(2) Approved educational courses
For purposes of paragraph (1), continuing education courses shall be reviewed, and approved by the Nationwide Mortgage Licensing System and Registry.
(3) Calculation of continuing education credits
A State-licensed loan originator—
(A)may only receive credit for a continuing education course in the year in which the course is taken; and
(B)may not take the same approved course in the same or successive years to meet the annual requirements for continuing education.
(4) Instructor credit
A State-licensed loan originator who is approved as an instructor of an approved continuing education course may receive credit for the originator’s own annual continuing education requirement at the rate of 2 hours credit for every 1 hour taught.
(5) Limitation and standards
To maintain the independence of the approval process, the Nationwide Mortgage Licensing System and Registry shall not directly or indirectly offer any continuing education courses for loan originators.
In approving courses under this section, the Nationwide Mortgage Licensing System and Registry shall apply reasonable standards in the review and approval of courses.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.