This text of New York § 599-J (Continuing education for mortgage loan originators) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 599-j. Continuing education for mortgage loan originators. 1.\nContinuing education requirements. In order to meet the annual\ncontinuing education requirements referred to in section five hundred\nninety-nine-i of this article, a licensed mortgage loan originator shall\ncomplete, beginning in the year after such individual is licensed, at\nleast eleven hours of education approved in accordance with subdivision\ntwo of this section, which shall include at least:\n (a) Three hours of Federal law and regulations;\n (b) Two hours of ethics, which shall include instruction on fraud,\nconsumer protection, and fair lending issues;\n (c) Two hours of training related to lending standards for the\nnontraditional mortgage product marketplace; and\n (d) Three hours of training on applicable
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§ 599-j. Continuing education for mortgage loan originators. 1.\nContinuing education requirements. In order to meet the annual\ncontinuing education requirements referred to in section five hundred\nninety-nine-i of this article, a licensed mortgage loan originator shall\ncomplete, beginning in the year after such individual is licensed, at\nleast eleven hours of education approved in accordance with subdivision\ntwo of this section, which shall include at least:\n (a) Three hours of Federal law and regulations;\n (b) Two hours of ethics, which shall include instruction on fraud,\nconsumer protection, and fair lending issues;\n (c) Two hours of training related to lending standards for the\nnontraditional mortgage product marketplace; and\n (d) Three hours of training on applicable New York State law and\nregulations.\n 2. Approved education courses. For purposes of subdivision one of this\nsection, continuing education courses shall be reviewed and approved by\nthe NMLSR based upon reasonable standards. Review and approval of a\ncontinuing education course shall include review and approval of the\ncourse provider.\n 3. Employer and affiliate education courses. Nothing in this section\nshall preclude any education course approved by the NMLSR that is\nprovided by the employer of the mortgage loan originator or an entity\nwhich is affiliated with the mortgage loan originator by an agency\ncontract, or any subsidiary or affiliate of such employer or entity.\n 4. Venue of education. Continuing education may be offered either in a\nclassroom, online or by any other means approved by the NMLSR.\n 5. Calculation of credits. A licensed mortgage loan originator:\n (a) Except for subdivision nine of this section, may receive credit\nfor a continuing education course only in the calendar year in which the\ncourse is taken; and\n (b) May not take the same approved course in the same or successive\nyears to meet the annual requirements for continuing education.\n 6. Instructor credit. A licensed mortgage loan originator who is an\ninstructor of an approved continuing education course may receive credit\nfor the licensed mortgage loan originator's own annual continuing\neducation requirement at the rate of two hours credit for every one hour\ntaught.\n 7. Reciprocity of education. A person having successfully completed\nthe education requirements approved by the NMLSR pursuant to paragraphs\n(a), (b), and (c) of subdivision one of this section for any state shall\nbe accepted as credit towards completion of continuing education\nrequirements in this state.\n 8. Lapse in license. A licensed mortgage loan originator who\nsubsequently becomes unlicensed must complete the continuing education\nrequirements for the last year in which the license was held prior to\nissuance of a new or renewed license.\n 9. Make up of continuing education. An individual meeting the\nrequirements of paragraphs (a) and (c) of subdivision one of section\nfive hundred ninety-nine-i of this article may make up any deficiency in\ncontinuing education as established by rule or regulation of the\nsuperintendent.\n