2011 US Code
Title 12 - Banks and Banking
Chapter 51 - SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING (§§ 5101 - 5116)
Section 5105 - Standards for State license renewal
View Metadata| Publication Title | United States Code, 2006 Edition, Supplement 5, Title 12 - BANKS AND BANKING |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 12 - BANKS AND BANKING CHAPTER 51 - SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING Sec. 5105 - Standards for State license renewal |
| Contains | section 5105 |
| Date | 2011 |
| Laws in Effect as of Date | January 3, 2012 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 110-289, div. A, title V, §1506, July 30, 2008, 122 Stat. 2816. |
| Statutes at Large Reference | 122 Stat. 2816 |
| Public Law Reference | Public Law 110-289 |
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The 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 coursesFor 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 creditA 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) LimitationTo 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) StandardsIn approving courses under this section, the Nationwide Mortgage Licensing System and Registry shall apply reasonable standards in the review and approval of courses.
(Pub. L. 110–289, div. A, title V, §1506, July 30, 2008, 122 Stat. 2816.)
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