12 U.S.C. § 5105 — Standards for State license renewal
submitted 18 years ago by Pub. L. 110-289 to r/title-12-BANKS-AND-BANKING · 312 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
The 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).
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—
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.
For purposes of paragraph (1), continuing education courses shall be reviewed, and approved by the Nationwide Mortgage Licensing System and Registry.
A State-licensed loan originator—
may only receive credit* for a continuing education course in the year in which the course is taken; and
may not take the same approved course in the same or successive years to meet the annual requirements for continuing education.
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.
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.
Source credit: (Pub. L. 110–289, div. A, title V, § 1506, July 30, 2008, 122 Stat. 2816.)
- 2008Enacted · Pub. L. 110-289 · 122 Stat. 2816
A history note hasn’t been published yet. The record shows enactment by Pub. L. 110-289 on 2008-07-30.
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