Section 06.60.160. Continuing education requirements for mortgage loan originators.

   (a) Each calendar year, a licensed mortgage loan originator shall complete at least eight hours of education approved under (b) of this section. At a minimum, these hours must include
        (1) three hours of instruction in federal statutes and regulations;
        (2) two hours of instruction in ethics, including instruction on issues related to fraud prevention, consumer protection, and fair lending; and
        (3) two hours of training related to lending standards for the nontraditional mortgage product marketplace.
   (b) For the purposes of (a) of this section, a continuing education course must be approved under 12 U.S.C. 5105(b)(2) (Secure and Fair Enforcement for Mortgage Licensing Act of 2008). Review and approval of a continuing education course includes review and approval of the course provider.
   (c) Nothing in this section precludes a continuing education course that is approved under (b) of this section and that is provided by the employer of the applicant, an entity affiliated with the applicant, or a subsidiary or affiliate of an employer or entity affiliated with the applicant.
   (d) Continuing education may be offered in a classroom, on-line, or by other means approved under 12 U.S.C. 5105(b)(2) (Secure and Fair Enforcement for Mortgage Licensing Act of 2008).
   (e) A licensed mortgage loan originator
        (1) except as provided by (i) of this section, may only receive credit for a continuing education course in the calendar year in which the course is taken; and
        (2) may not retake an approved course in the same or successive calendar years if the mortgage loan originator has previously taken the course to meet the annual requirements for continuing education.
   (f) A licensed mortgage loan originator who is an approved instructor of an approved continuing education course may receive credit for the licensed mortgage loan originator's own annual continuing education requirement at the rate of two hours of credit for each one hour taught.
   (g) Successful completion of a continuing education course approved for another state by the registry shall be accepted as credit toward completion of continuing education requirements in this state.
   (h) Before a new or renewed license may be issued to a licensed mortgage loan originator who has become unlicensed, the mortgage loan originator shall complete the continuing education requirements for the last calendar year in which the mortgage loan originator's license was valid.
   (i) A person meeting the requirements of AS 06.60.087, other than the continuing education requirement of AS 06.60.087(a)(2), may make up a deficiency in continuing education in a manner established by regulation.

Authorities

6.60.085; 6.60.087

Notes

Implemented As

3 AAC 14.220
3 AAC 14.222
3 AAC 14.224

References

3 AAC 14.217
3 AAC 14.220
3 AAC 14.222
AS 6.60.085 .085">Sec. 06.60.085. Renewal of license.
AS 6.60.087 .087">Sec. 06.60.087. Standards for license renewal.

History

(Sec. 2 ch 50 SLA 2007; am Sec. 36 ch 61 SLA 2010)