(a) In generalThe minimum standards for license renewal for State-licensed loan originators shall include the following:
The loan originator continues to meet the minimum standards for license issuance.
The loan originator has satisfied the annual continuing education requirements described in subsection (b).
(b) Continuing education for State-licensed loan originators
(1) In generalIn 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—
3 hours of Federal law and regulations;
2 hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and
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 creditsA State-licensed loan originator—
may only receive credit for a continuing education course in the year in which the course is taken; and
(4) Instructor credit
(5) Limitation and standards