§ 40-14-647 — Continuing education for mortgage loan originators; rulemaking

Wyoming § 40-14-647

• Jurisdiction: Wyoming
• Title 40: Trade and Commerce
• Ch. 14: WYOMING UNIFORM CONSUMER CREDIT CODE
• Art. 6: ADMINISTRATION

Text

(a) In order to meet the annual continuing education
requirements required by W.S. 40-14-646(a)(ii), a licensed
mortgage loan originator shall complete at least eight (8) hours
of education approved in accordance with subsection (b) of this
section, which shall include at least:
(i) Three (3) hours of federal law and regulations
relating to mortgage origination;
(ii) Two (2) hours of ethics, which shall include
instruction on fraud, consumer protection and fair lending
issues; and
(iii) Two (2) hours of training related to lending
standards for the nontraditional mortgage product marketplace.
(b) For purposes of subsection (a) of this section,
continuing education courses shall be reviewed and approved by
the registry. The review and approval of a continuing education
course shall include review and approval of the course provider.
(c) Nothing in this section shall preclude any education
course, as approved by the registry, that is provided by the
employer of the mortgage loan originator or an entity which is
affiliated with the mortgage loan originator by an agency
contract, or any subsidiary or affiliate of such employer or
entity.
(d) Continuing education may be offered either in a
classroom, online or by any other means approved by the
registry.
(e) A licensed mortgage loan originator:
(i) Except as provided in W.S. 40-14-646(b), shall
only receive credit for a continuing education course in the
year in which the course is taken; and
(ii) Shall not take the same approved course in the
same year or successive years to meet the annual requirements
for continuing education.
(f) 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 (2)
hours credit for every one (1) hour taught.
(g) An individual having successfully completed the
education requirements approved by the registry in paragraphs
(a)(i), (ii) and (iii) of this section for any state shall be
accepted as credit towards completion of continuing education
requirements in Wyoming.
(h) An individual meeting the requirements of W.S.
40-14-646(a)(i) and (iii) may make up any deficiency in
continuing education as established by rule of the
administrator.
(j) An individual licensed under W.S. 40-14-641 after July
1, 2009 and who subsequently applies to be licensed again shall
complete the continuing education requirements for the last year
in which the license was held prior to issuance of a new or
renewed license.