12 U.S.C. § 5105: Standards for State license renewal

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). 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. 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.