P.R. Laws tit. 7, § 3055h
(a) All licensed mortgage loan originators shall complete at least eight (8) hours of continuing education per year, approved by the nationwide mortgage licensing system and registry, which shall include, at least, the following:
(1) Three (3) hours of Federal laws and regulations;
(2) Two (2) hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and[sic]
(3) Two (2) hours of training related to lending standards for the nontraditional residential mortgage marketplace;
(4) One (1) hour related to any undefined training and instruction regarding loan origination.
(b) All continuing education courses shall be reviewed and approved by the nationwide mortgage licensing system and registry based upon reasonable standards. The review and approval of a continuing education course shall include the review and approval of the course provider.
(c) All licensed mortgage loan originators:
(1) May only receive credit for a continuing education course in the year in which the courses were taken; and
(2) may not take the same approved course in the same or successive years to meet the annual requirements for continuing education.
(d) A mortgage loan originator who is also an instructor of an approved continuing education course may receive credit for his/her own mortgage loan originator license at a rate of two (2) credit hours for every hour taught.
(e) Continuing education may be offered in a venue or by any other means approved by the nationwide mortgage licensing system and registry.
(f) Continuing education courses approved by the nationwide mortgage licensing system and registry in any jurisdiction shall be accredited in Puerto Rico for purpose of license renewal.
(g) A licensed mortgage loan originator who fails to apply for license renewal shall meet the continuing education requirements for the last year in which the license was held prior to applying for a new license.
(h) Nothing in this section shall preclude any education course as approved by the nationwide mortgage licensing system and registry that is provided by the employer of the licensee, an entity affiliated to the licensee by an agency contract, or any subsidiary or affiliate of such employer or entity.
History —Dec. 30, 2010, No. 247, § 5.9, eff. 120 days after Dec. 30, 2010.