KRS 286.8-260: Continuing professional education required for persons registered under

subtitle -- Termination and surrender of registration for failure to comply.

(1) (a) Any person required to be registered under this subtitle shall complete at least

eight (8) hours of continuing professional education on an annual basis that is

approved and designated by the commissioner.

(b) A minimum of one (1) hour of continuing professional education each year

shall be instruction on the requirements of this subti tle, KRS 360.100, or a

combination of both.

(2) For the purposes of subsection (1) of this section:

(a) The continuing professional education courses approved and designated by the

commissioner shall:

1. Meet the minimum requirements set forth in Section 1 505(b) of the

S.A.F.E. Mortgage Licensing Act, 12 U.S.C. sec. 5104(b), and

amendments thereto; and

2. Unless the Nationwide Multistate Licensing System and Registry

provides otherwise, be reviewed and approved by the Nationwide

Multistate Licensing System and Registry; and

(b) The commissioner may accept as credit towards the completion of the

continuing professional education requirements in this state, the completion of

continuing professional education requirements in any other state so long as

the educa tion has met the requirements set forth in this subsection and

subsection (1) of this section.

(3) (a) For good cause shown, the commissioner may grant an extension during

which the continuing professional education requirements of this section may

be completed, but the extension may not exceed thirty (30) days.

(b) What constitutes good cause for the extension of time rests within the

discretion of the commissioner.

(4) The registration of any mortgage loan originator that fails to comply with the

continuing professional education requirements of this section and who has not

been granted an extension of time to comply in accordance with subsection (3) of

this section shall:

(a) Expire; and

(b) Promptly be deemed surrendered to the commissioner without demand.