2023 New York Laws › BNK - Banking › Article 12-E - Licensed Mortgage Loan Originators › 599-J - Continuing Education for Mortgage Loan Originators.

§  599-j.  Continuing  education  for  mortgage  loan  originators. 1.
Continuing  education  requirements.  In  order  to  meet   the   annual
continuing  education  requirements  referred to in section five hundred
ninety-nine-i of this article, a licensed mortgage loan originator shall
complete, beginning in the year after such individual  is  licensed,  at
least  eleven hours of education approved in accordance with subdivision
two of this section, which shall include at least:
(a) Three hours of Federal law and regulations;
(b) Two hours of ethics, which shall  include  instruction  on  fraud,
consumer protection, and fair lending issues;
(c)  Two  hours  of  training  related  to  lending  standards for the
nontraditional mortgage product marketplace; and
(d) Three hours of training on  applicable  New  York  State  law  and
regulations.
2. Approved education courses. For purposes of subdivision one of this
section,  continuing education courses shall be reviewed and approved by
the NMLSR based upon reasonable standards.  Review  and  approval  of  a
continuing  education  course  shall  include review and approval of the
course provider.
3. Employer and affiliate education courses. Nothing in  this  section
shall  preclude  any  education  course  approved  by  the NMLSR that is
provided by the employer of the mortgage loan originator  or  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. Venue of education. Continuing education may be offered either in a
classroom, online or by any other means approved by the NMLSR.
5. Calculation of credits. A licensed mortgage loan originator:
(a) Except for subdivision nine of this section,  may  receive  credit
for a continuing education course only in the calendar 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
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. Reciprocity of education. A person  having  successfully  completed
the  education requirements approved by the NMLSR pursuant to paragraphs
(a), (b), and (c) of subdivision one of this section for any state shall
be  accepted  as  credit  towards  completion  of  continuing  education
requirements in this state.
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.  An  individual  meeting  the
requirements  of  paragraphs  (a)  and (c) of subdivision one of section
five hundred ninety-nine-i of this article may make up any deficiency in
continuing education  as  established  by  rule  or  regulation  of  the
superintendent.