53-244.102. Continuing education for mortgage loan originators.
(a) A licensed mortgage loan originator shall annually complete at least eight hours of continuing education approved in accordance with subsection (b) of this section, including:
(1) Three hours of federal law and regulations;
(2) Two hours of ethics, including instruction on fraud, consumer protection, and fair lending issues;
(3) Two hours of training related to lending standards for nontraditional mortgage products; and
(4) One hour of North Carolina law and regulations.
(b) Continuing education courses shall be reviewed and approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards. Approval of a continuing education course shall include approval of the course provider.
(c) Nothing in this section shall preclude any continuing education course, approved by the Nationwide Mortgage Licensing System and Registry, that is provided by the employer of the mortgage loan originator or an entity affiliated with the mortgage loan originator by an agency contract, or any subsidiary or affiliate of such employer or entity. Continuing education may be offered either in a classroom, online, or by any other means approved by the Nationwide Mortgage Licensing System and Registry.
(d) A licensed mortgage loan originator:
(1) Except for G.S. 53-244.070(a) and subsection (e) of this section, may receive credit for a continuing education course taken prior to the end of the reinstatement period under G.S. 53-244.101(d); and
(2) May not take the same approved course in the same or successive years to meet the annual requirements for continuing education.
(e) 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 credit for every one hour taught.
(f) A licensee having successfully completed the education requirements approved by the Nationwide Mortgage Licensing System and Registry in subdivisions (a)(1), (a)(2), and (a)(3) of this section for any state shall be accepted as credit toward completion of continuing education requirements in North Carolina. (2009-374, s. 2; 2013-412, s. 3.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 53 - Regulation of Financial Services
Article 19B - The Secure and Fair Enforcement Mortgage Licensing Act.
§ 53-244.020 - Purpose and construction.
§ 53-244.040 - License and registration requirements.
§ 53-244.050 - License and registration application; claim of exemption.
§ 53-244.060 - Issuance of license or registration.
§ 53-244.070 - Educational requirements for mortgage loan originators.
§ 53-244.080 - Testing requirements for mortgage loan originators.
§ 53-244.090 - Application fees.
§ 53-244.100 - Active license or registration requirements and assignability.
§ 53-244.101 - License and registration renewal.
§ 53-244.102 - Continuing education for mortgage loan originators.
§ 53-244.103 - Surety bond requirements.
§ 53-244.104 - Minimum net worth requirements.
§ 53-244.105 - Records, addresses, escrow funds, or trust accounts.
§ 53-244.106 - Display of license.
§ 53-244.107 - Unique identifier shown.
§ 53-244.109 - Mortgage broker duties.
§ 53-244.110 - Mortgage servicer duties.
§ 53-244.111 - Prohibited acts.
§ 53-244.112 - Criminal penalties for unlicensed activity.
§ 53-244.113 - Regulatory authority.
§ 53-244.114 - Licensure and registration authority.
§ 53-244.115 - Investigation and examination authority.
§ 53-244.116 - Disciplinary authority.
§ 53-244.118 - Rule-making authority; records.
§ 53-244.119 - Commissioner's participation in nationwide registry.