§ 2204c. Continuing education for mortgage loan originators
(a) In order to meet the annual continuing education requirements, a licensed mortgage
loan originator shall complete at least eight hours of education approved in accordance
with subsection (b) of this section, which shall include at least:
(1) three hours of federal law and regulations;
(2) two hours of ethics, which shall include instruction on fraud, consumer protection,
and fair lending issues; and
(3) two 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 Nationwide Multistate 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.
(c) Nothing in this section shall preclude any education course, as approved by the Nationwide
Multistate Licensing System and Registry, that is provided by the employer of the
mortgage loan originator or an entity that is affiliated with the mortgage loan originator,
or any subsidiary or affiliate of the employer.
(d) Continuing education may be offered either in a classroom, online, or by any other
means approved by the Nationwide Multistate Licensing System and Registry.
(e) A licensed mortgage loan originator:
(1) except for subsection (i) of this section, may only receive credit for a continuing
education course in the year in which the course is taken; and
(2) may not take the same approved course in the same or successive years to meet the
annual requirements for continuing education.
(f) 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 of credit for every
one hour taught.
(g) A person having successfully completed the education requirements approved by the
Nationwide Multistate Licensing System and Registry in subdivisions (a)(1), (2), and
(3) of this section for any state shall be accepted as credit toward completion of
continuing education requirements in Vermont.
(h) 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. This subsection does not apply to an
individual who is required to retake 20 hours of prelicensing education pursuant to
subsection 2204a(g) of this title.
(i) A person who otherwise meets the requirements for renewal of a license may make up
any deficiency in continuing education as established by order or rule of the Commissioner. (Added 2009, No. 29, § 1; amended 2017, No. 22, § 5, eff. May 4, 2017; 2019, No. 20, § 12.)