§ 19-14.10-10 - Continuing education for mortgage loan originators.
SECTION 19-14.10-10
§ 19-14.10-10 Continuing education formortgage loan originators. – (a) In order to meet the annual continuing education requirements referred toin § 19-14.10-9, a licensed mortgage loan originator shall complete atleast (8) hours of education approved in accordance with subsection (2) of thissection, which shall include at least:
(1) Three (3) hours of Federal law and regulations;
(2) Two (2) hours of ethics, which shall include instructionon fraud, consumer protection, and fair lending issues;
(3) Two (2) hours of training related to lending standardsfor the nontraditional mortgage product marketplace; and
(4) One hour of Rhode Island law and regulations.
(b) For purposes of this section, continuing educationcourses shall be reviewed, and approved by the nationwide mortgage licensingsystem and registry based upon reasonable standards. Review and approval of acontinuing education course shall include review and approval of the courseprovider.
(c) Nothing in this section shall preclude any educationcourse, as approved by the nationwide mortgage licensing system and registry,that is provided by the employer of the mortgage loan originator or an entitywhich is affiliated with the mortgage loan originator by an agency contract, orany subsidiary or affiliate of such employer or entity.
(d) Continuing education may be offered either in aclassroom, online or by any other means approved by the Nationwide MortgageLicensing System and Registry.
(e) A licensed mortgage loan originator:
(1) Except for subsection 19-14.10-9(b) and subsection (i) ofthis section, may only receive credit for a continuing education course in theyear in which the course is taken; and
(2) May not take the same approved course in the same orsuccessive years to meet the annual requirements for continuing education.
(f) A licensed mortgage loan originator who is an approvedinstructor of an approved continuing education course may receive credit forthe licensed mortgage loan originator's own annual continuing educationrequirement at the rate of two (2) hours credit for every one hour taught.
(g) A person having successfully completed the educationrequirements approved by the nationwide mortgage licensing system and registryin subdivision (a)(1), (a)(2) and (a)(3) of this section for any state shall beaccepted as credit towards completion of continuing education requirements inRhode Island. Nothing herein shall relieve an applicant of the obligation tosatisfy educational requirements specifically related to Rhode Island law andregulations.
(h) A licensed mortgage loan originator who subsequentlybecomes unlicensed must complete the continuing education requirements for thelast year in which the license was held prior to issuance of a new or renewedlicense.
(i) A person meeting the requirements of subdivision19-14.10-9(a)(1) and (a)(3) may make up any deficiency in continuing educationas established by rule or regulation of the director or the director's designee.