§ 45-733 — Licensed mortgage loan originator; continuing education; continuing education courses; review and approval; credit as instructor; relicensure requirements

Nebraska § 45-733

• Jurisdiction: Nebraska
• Ch. 45: Interest, Loans, and Debt

Text

(1) A licensed mortgage loan originator
shall complete annually at least eight hours of education approved in accordance
with subsection (2) of this section, which shall include at least:
(a) Three hours of instruction in federal laws and regulations regarding
mortgage origination;
(b) Two hours of instruction in ethics, which shall include instruction
on fraud, consumer protection, and fair lending issues; and
(c) Two hours of instruction related to lending standards for the nontraditional
mortgage product marketplace.
(2) For purposes of subsection (1) of this section, 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 shall include review and approval of the course
provider.
(3) Nothing in this section shall preclude any education course, as
approved by the Nationwide Mortgage Licensing System and Registry, that is
provided by the employer of the mortgage loan originator, 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) Continuing education may be offered either in a classroom, online,
or by any other means approved by the Nationwide Mortgage Licensing System
and Registry.
(5) A licensed mortgage loan originator:
(a) Shall only receive credit for a continuing education course in the
year in which the course is taken except as provided in subsection (8) of
this section; and
(b) Shall not take the same approved course in the same or consecutive
years to meet the annual requirements for continuing education.
(6) 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) An individual having successfully completed the education requirements
approved by the Nationwide Mortgage Licensing System and Registry in subdivisions
(1)(a), (b), and (c) of this section for any state shall be accepted as credit
towards completion of continuing education requirements in this state.
(8) A licensed mortgage loan originator who subsequently becomes unlicensed
shall complete the continuing education requirements for the last year in
which the license was held prior to issuance of a new license or renewal license.
Such individual may make up any deficiency in continuing education as established
by rule, regulation, or order of the director if such individual meets the
requirements of subdivision (2)(a) of section 45-732 and has paid the new
application fee as provided by subsection (2) of section 45-728 or the reinstatement
fee as provided by subdivision (4)(b) of section 45-742 .

Legislative History

Source: Laws 2009, LB328, § 18; Laws 2010, LB892, § 13.