Section 8. (a) A mortgage loan originator licensed pursuant to this chapter shall, annually, complete a minimum of 8 hours of continuing education approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards, which shall include, without limitation: (i) 3 hours of federal law and regulation; (ii) 2 hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; (iii) 2 hours of training related to lending standards for the nontraditional mortgage product marketplace; and (iv) state law and regulation, which shall include instruction on state consumer protection laws and other related statutes. A licensed mortgage loan originator who is an approved instructor of an approved continuing education course may receive credit to satisfy such licensed mortgage loan originator's annual continuing education requirement at the rate of 2 hours credit for every 1 hour taught.
(b) A mortgage loan originator licensed pursuant to this chapter shall: (i) only receive credit for a continuing education course in the year in which the course is taken; and (ii) not take the same approved course in the same or successive years to meet the annual requirements for continuing education.
Structure Massachusetts General Laws
Part III - Courts, Judicial Officers and Proceedings in Civil Cases
Title IV - Certain Writs and Proceedings in Special Cases
Chapter 255f - Licensing of Mortgage Loan Originators
Section 5 - Pre-Licensing Education
Section 6 - Qualified Written Examination
Section 7 - Renewal, Expiration and Reinstatement of Licenses
Section 8 - Continuing Education
Section 10 - Challenge to Information Entered Into Nationwide Mortgage Licensing System and Registry
Section 11 - Administration and Enforcement of Chapter
Section 14 - Investigations and Examinations
Section 15 - Prohibited Conduct Constituting Violation of Chapter