1.To meet the annual continuing education requirements referred to in section 13-10-08,
a licensed mortgage loan originator shall complete at least eight hours of education
approved in accordance with subsection 2, which must 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; and
c.Two hours of training related to lending standards for the nontraditional mortgage
product marketplace.
2.For purposes of subsection 1, continuing education courses shall be reviewed and
approved by the nationwide mortgage licensing system and registry based upon
reasonable standards. Review and approval of a continuing education course must
include review and approval of the course p
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1. To meet the annual continuing education requirements referred to in section 13-10-08,
a licensed mortgage loan originator shall complete at least eight hours of education
approved in accordance with subsection 2, which must 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; and
c. Two hours of training related to lending standards for the nontraditional mortgage
product marketplace.
2. For purposes of subsection 1, continuing education courses shall be reviewed and
approved by the nationwide mortgage licensing system and registry based upon
reasonable standards. Review and approval of a continuing education course must
include review and approval of the course provider.
3. Nothing in this section precludes any education course, as approved by the nationwide
mortgage licensing system and registry, which is provided by the employer of the
mortgage loan originator or an entity that is affiliated with the mortgage loan originator
by an agency contract or any subsidiary or affiliate of such employer or entity.
4. Continuing education may be offered in a classroom, online, or by any other means
approved by the nationwide mortgage licensing system and registry.
5. For a licensed mortgage loan originator:
a. Except as allowed by subsection 2 of section 13-10-08 and subsection 9 of this
section, an individual may only receive credit for a continuing education course in
the year in which the course is taken; and
b. An individual may not take the same approved course in the same or successive
years to meet the annual requirements for continuing education.
6. 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.
7. A person having successfully completed the education requirements approved by the
nationwide mortgage licensing system and registry in subsection 1 for any state shall
be accepted as credit toward completion of continuing education requirements in North
Dakota.
8. 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. A person meeting the requirements of subdivisions a and c of subsection 1 of section
13-10-08 may make up any deficiency in continuing education as established by rule
or regulation of the commissioner.