N.J. Admin. Code § 3:15-2.12

Current through Register Vol. 56, No. 9, May 6, 2024

Section 3:15-2.12 - Continuing education requirements for renewal as an mortgage loan originator or qualified individual licensee

(a) An applicant for renewal as a mortgage loan originator or qualified individual licensee shall, during the license term preceding renewal, complete at least 12 hours of continuing education from a provider approved by the NMLSR.

(b) The approved continuing education course(s) shall include at a minimum, but not be limited to:

1. Three hours of instruction on Federal statutes and regulations;

2. Two hours of instruction on ethics, including instruction on fraud, consumer protection and fair lending issues;

3. Two hours of training related to lending standards for the non-traditional mortgage product marketplace; and

4. Two hours of instruction on State-specific statutes and rules.

(c) Credit for an approved continuing education course shall be applied:

1. Only in the calendar year in which the course is taken; and

2. Provided that it is not the same approved course already taken in that calendar year or the immediately preceding calendar year.

(d) A licensee who is an approved instructor of an approved continuing education course may receive credit towards the individual's own continuing education requirements for the content of the course taught at the rate of two hours of credit for every hour of an approved continuing education course taught.

(e) Any continuing education requirements of another state reviewed and approved by NMLSR and completed in another state by the applicant for renewal shall be accepted as credit towards completion of the continuing education requirements in this State.

N.J. Admin. Code § 3:15-2.12

New Rule, R.2010 d.129, effective 6/21/2010 (operative July 31, 2010).
See: 41 N.J.R. 2829(a), 42 N.J.R. 1139(b).
Former N.J.A.C. 3:15-2.12, Responsibilities and replacement of the entity's licensed natural person, recodified to N.J.A.C. 3:15-2.13.