12 U.S. Code § 5105 - Standards for State license renewal
(a) In general
The minimum standards for license renewal for State-licensed loan originators shall include the following:
(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—
(B) 2 hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and
(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
(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.
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