SAFE Act (S.A.F.E. Mortgage Licensing Act of 2008, 12 U.S.C.) § 5105 — Standards for State license renewal
SAFE Act (S.A.F.E. Mortgage Licensing Act of 2008, 12 U.S.C.), §5105 Standards for State license renewal. Full verbatim text from the Office of the Law Revision Counsel's United States Code (USLM XML, release point 119-111).
Verbatim regulatory text
Verbatim provisions from SAFE Act (S.A.F.E. Mortgage Licensing Act of 2008, 12 U.S.C.) § 5105 — Standards for State license renewal — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
12 U.S.C. §5105(a)
(a) In generalThe minimum standards for license renewal for State-licensed loan originators shall include the following: (1) The loan originator continues to meet the minimum standards for license issuance. (2) The loan originator has satisfied the annual continuing education requirements described in subsection (b).
12 U.S.C. §5105(b)
(b) Continuing education for State-licensed loan originators (1) In generalIn order to meet the annual continuing education requirements referred to in subsection (a)(2), a State-licensed loan originator shall complete at least 8 hours of education approved in accordance with paragraph (2), which shall include at least— (A) 3 hours of Federal law and regulations; (B) 2 hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and (C) 2 hours of training related to lending standards for the nontraditional mortgage product marketplace. (2) Approved educational courses For purposes of paragraph (1), continuing education courses shall be reviewed, and approved by the Nationwide Mortgage Licensing System and Registry. (3) Calculation of continuing education creditsA State-licensed loan originator— (A) may only receive credit for a continuing education course in the year in which the course is taken; and (B) may not take the same approved course in the same or successive years to meet the annual requirements for continuing education. (4) Instructor credit A State-licensed loan originator who is approved as an instructor of an approved continuing education course may receive credit for the originator’s own annual continuing education requirement at the rate of 2 hours credit for every 1 hour taught. (5) Limitation and standards (A) Limitation To maintain the independence of the approval process, the Nationwide Mortgage Licensing System and Registry shall not directly or indirectly offer any continuing education courses for loan originators. (B) Standards In approving courses under this section, the Nationwide Mortgage Licensing System and Registry shall apply reasonable standards in the review and approval of courses.
12 U.S.C. §5105 note — source credit and editorial notes (not statute text)
(Pub. L. 110–289, div. A, title V, § 1506, July 30, 2008, 122 Stat. 2816.)
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