2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-733 - Licensed mortgage loan originator; continuing education; continuing education courses; review and approval; credit as instructor; relicensure requirements.

45-733.
Licensed mortgage loan originator; continuing education; continuing education courses; review and approval; credit as instructor; relicensure requirements.
(1) A licensed mortgage loan originator shall complete annually at least eight hours of education approved in accordance with subsection (2) of this section, which shall include at least:
(a) Three hours of instruction in federal laws and regulations regarding mortgage origination;
(b) Two hours of instruction in ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and
(c) Two hours of instruction related to lending standards for the nontraditional mortgage product marketplace.
(2) For purposes of subsection (1) of this section, 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 shall include review and approval of the course provider.
(3) 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 mortgage loan originator, an entity which is affiliated with the mortgage loan originator by an agency contract, or any subsidiary or affiliate of such employer or entity.
(4) 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) A licensed mortgage loan originator:
(a) Shall only receive credit for a continuing education course in the year in which the course is taken except as provided in subsection (8) of this section; and
(b) Shall not take the same approved course in the same or consecutive years to meet the annual requirements for continuing education.
(6) A licensed mortgage loan originator who is an 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 two hours credit for every one hour taught.
(7) An individual having successfully completed the education requirements approved by the Nationwide Mortgage Licensing System and Registry in subdivisions (1)(a), (b), and (c) of this section for any state shall be accepted as credit towards completion of continuing education requirements in this state.
(8) A licensed mortgage loan originator who subsequently becomes unlicensed shall complete the continuing education requirements for the last year in which the license was held prior to issuance of a new license or renewal license. Such individual may make up any deficiency in continuing education as established by rule, regulation, or order of the director if such individual meets the requirements of subdivision (2)(a) of section 45-732 and has paid the new application fee as provided by subsection (2) of section 45-728 or the reinstatement fee as provided by subdivision (4)(b) of section 45-742.
Source
Laws 2009, LB328, § 18;
Laws 2010, LB892, § 13.