12 U.S. Code § 5105 - Standards for State license renewal

§ 5105.
Standards for State license renewal
(a) In generalThe 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 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—
(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 creditsA 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
(A) Limitation

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.

(B) Standards

In approving courses under this section, the Nationwide Mortgage Licensing System and Registry shall apply reasonable standards in the review and approval of courses.

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

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12 CFR - Banks and Banking

12 CFR Part 34 - REAL ESTATE LENDING AND APPRAISALS

12 CFR Part 163 - SAVINGS ASSOCIATIONS—OPERATIONS

12 CFR Part 211 - INTERNATIONAL BANKING OPERATIONS (REGULATION K)

12 CFR Part 365 - REAL ESTATE LENDING STANDARDS

12 CFR Part 563 - SAVINGS ASSOCIATIONS—OPERATIONS

12 CFR Part 761 - REGISTRATION OF RESIDENTIAL MORTGAGE LOAN ORIGINATORS

12 CFR Part 1007 - S.A.F.E. MORTGAGE LICENSING ACT—FEDERAL REGISTRATION OF RESIDENTIAL MORTGAGE LOAN ORIGINATORS (REGULATION G)

12 CFR Part 1008 - S.A.F.E. MORTGAGE LICENSING ACT—STATE COMPLIANCE AND BUREAU REGISTRATION SYSTEM (REGULATION H)

24 CFR - Housing and Urban Development

24 CFR Part 3400 - SAFE MORTGAGE LICENSING ACT

 

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