V.I. Code tit. 9, § 386 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 20 - Mortgage Loans|Subchapter II - S.A.F.E. Mortgage Licensing Act|§ 386. Standards for license renewal

 (a) The minimum standards for license renewal for State-licensed mortgage loan originators must include the following: (1) The mortgage loan originator continues to meet the minimum standards for license issuance under section 385(c)(1)-(6). (2) The mortgage loan originator has satisfied the annual continuing education required in section 385(c)(4)(F). (3) The loan originator has paid all required fees for renewal of the license. (b) Failure to Satisfy Minimum Standards of License Renewal. The license of a mortgage loan originator failing to satisfy the minimum standards for license renewal shall expire. The Banking Board or its designated agent may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the Nationwide Mortgage Licensing System and Registry. (c) Continuing Education for State-Licensed Mortgage Loan Originators.  (1) In General. In order to meet the annual continuing education requirements referred to in subsection (a)(2), a licensed mortgage loan originator shall complete at least 8 hours of education approved in accordance with subsection (2) of this section, 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) of this subsection, continuing education courses shall be reviewed, and approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards. Review and approval of a continuing education course must include review and approval of the course provider. (3) Approval of Employer and Affiliate Educational Courses. Nothing in this section precludes any education course, as approved by the Nationwide Mortgage 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 by an agency contract, or any subsidiary or affiliate of such employer or entity. (4) Venue of Education. Continuing education may be offered either in a classroom, online or by any other means approved by the Nationwide Mortgage Licensing System and Registry. (5) Calculation of Continuing Education Credits. A licensed mortgage loan originator— (A) Except for paragraph (2) of this subsection, may only receive credit for 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. (6) Instructor Credit. 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 2 hours credit for every 1 hour taught. (7) Reciprocity of Education. A person having successfully completed the education requirements approved by the Nationwide Mortgage Licensing System and Registry in paragraph (1)(A), (B), and (C) of this subsection for any state must be accepted as credit towards completion of continuing education requirements in the Virgin Islands. (8) Lapse in License. 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. (9) Make Up of Continuing Education. A person meeting the requirements of section 386(a)(1) and (3) may make up any deficiency in continuing education as established by rule or regulation of the Banking Board or its designated agent.