Iowa Admin. Code r. 187-19.9

Current through Register Vol. 47, No. 8, October 30, 2024

Rule 187-19.9 - Continuing education

(1) A licensee applying to renew a mortgage loan originator license shall, during the license term preceding renewal, complete at least eight hours of continuing education or prelicensing education.

(2) Each continuing education course shall first be approved by the NMLS before the superintendent grants continuing education credit.

(3) Continuing education courses shall focus on issues of the mortgage business or related industry topics.

(4) The entity providing the continuing education course shall submit to the NMLS evidence of the licensee's satisfactory completion of approved continuing education.

(5) Continuing education hours shall not be carried forward from one year to the next.

(6) Each mortgage loan originator shall ultimately be responsible for maintaining verification records in the form of completion certificates or other documents providing evidence of satisfactory completion of approved continuing education courses. The mortgage loan originator shall retain documentation for a period of three years after the effective date of the mortgage loan originator license renewal. The superintendent may conduct random audits to verify the continuing education submitted to the NMLS.

(7) Failure to provide requested evidence of completion of claimed continuing education within 30 days of the written notice from the superintendent shall result in the mortgage loan originator license being placed in inactive status. Prior to the superintendent's activating a mortgage loan originator license that has been placed on inactive status pursuant to this rule, the mortgage loan originator must submit to the superintendent satisfactory evidence that all required continuing education has been completed.

(8) The requirement for completion of continuing education may be waived or the deadline for completion may be extended by the superintendent under either of the following circumstances:

a. The mortgage loan originator is called to active duty in the armed forces of the United States for a period of time exceeding 120 consecutive days in any continuing education year.

b. The mortgage loan originator experiences physical disability, illness, or any extenuating circumstances that prevent successful completion of continuing education.

Iowa Admin. Code r. 187-19.9

ARC 8239B, IAB 10/21/09, effective 11/25/09

Amended by IAB May 24, 2017/Volume XXXIX, Number 24, effective 7/1/2017