N.Y. Banking Law § 599-j: Continuing education for mortgage loan originators

§ 599-j. Continuing education for mortgage loan originators. 1.

Continuing education requirements. In order to meet the annual

continuing education requirements referred to in section five hundred

ninety-nine-i of this article, a licensed mortgage loan originator shall

complete, beginning in the year after such individual is licensed, at

least eleven hours of education approved in accordance with subdivision

two of this section, which shall include at least:

(a) Three hours of Federal law and regulations;

(b) Two hours of ethics, which shall include instruction on fraud,

consumer protection, and fair lending issues;

(c) Two hours of training related to lending standards for the

nontraditional mortgage product marketplace; and

(d) Three hours of training on applicable New York State law and

regulations.

2. Approved education courses. For purposes of subdivision one of this

section, continuing education courses shall be reviewed and approved by

the NMLSR based upon reasonable standards. Review and approval of a

continuing education course shall include review and approval of the

course provider.

3. Employer and affiliate education courses. Nothing in this section

shall preclude any education course approved by the NMLSR that is

provided by the employer of the mortgage loan originator or an entity

which is affiliated with the mortgage loan originator by an agency

contract, or any subsidiary or affiliate of such employer or entity.

4. Venue of education. Continuing education may be offered either in a

classroom, online or by any other means approved by the NMLSR.

5. Calculation of credits. A licensed mortgage loan originator:

(a) Except for subdivision nine of this section, may receive credit

for a continuing education course only in the calendar 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.

6. Instructor credit. A licensed mortgage loan originator who is an

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 credit for every one hour

taught.

7. Reciprocity of education. A person having successfully completed

the education requirements approved by the NMLSR pursuant to paragraphs

(a), (b), and (c) of subdivision one of this section for any state shall

be accepted as credit towards completion of continuing education

requirements in this state.

8. Lapse in license. A licensed mortgage loan originator who

subsequently becomes unlicensed must complete the continuing education

requirements for the last year in which the license was held prior to

issuance of a new or renewed license.

9. Make up of continuing education. An individual meeting the

requirements of paragraphs (a) and (c) of subdivision one of section

five hundred ninety-nine-i of this article may make up any deficiency in

continuing education as established by rule or regulation of the

superintendent.