Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-660 - Mortgage brokers and loan originators-Licensing › DESIGNATED BROKERS › Section 208-660-270 - Designated brokers - Continuing education

Current through Register Vol. 24-14, July 15, 2024
(1)
Where can I get information about
						continuing education?
The NMLS will publish a list of approved courses
						and providers. The providers will have detailed information about the
						continuing education courses they offer. The department will accept the
						continuing education courses approved by the NMLS for designated broker
						continuing education.
(2)
As
						a designated broker, how many hours of continuing education must I have?
The continuing education requirement for designated brokers is nine
						hours.
(3)
As a designated
						broker, may I take the same approved course multiple times to meet my annual
						continuing education requirement?
No. You may not take the same approved
						course in the same or successive years to meet the annual requirements for
						continuing education.
(4)
If
						I teach a continuing education course approved by the NMLS, may I use my course
						as credit toward my annual continuing education requirement?
Yes. As an
						instructor of a NMLS approved continuing education course, you may receive
						credit for your annually required designated broker continuing education
						courses from the course(s) you teach. You will receive credit at the rate of
						one course taught equaling two continuing education course credits.
(5)
Is ethics a required continuing
						education topic for designated brokers?
Yes. You must take two hours of
						ethics each year you act as a designated broker. The ethics course must include
						the topics of fraud, consumer protection, and fair lending. You must not take
						the same course in the same or successive years.
(6)
If I accumulate more than the
						required designated broker continuing education course credits during a year,
						may I carry-over the excess credit to the next year?
No. Continuing
						education credits only apply to the year in which they are taken.
(7)
How do I provide the department
						with proof of the continuing education courses I have completed?
The
						course provider will report your continuing education to the NMLS and DFI will
						have access to that information.
(8)
If I fail to complete the required
						continuing education, what happens to my license?
When your license
						expires, the department will not renew it and you cannot continue conducting
						any business under the act. See WAC
						208-660-350(20) to renew your license within two months after expiration.
Statutory Authority: Chapter 43.320 RCW and
								RCW
								19.146.223. 12-18-048, §
											208-660-270, filed 8/29/12,
								effective 11/1/12. Statutory Authority:
								RCW
								   43.320.040,
								19.146.223, and
								2009 c
								528. 09-24-091, §
											208-660-270, filed 12/1/09,
								effective 1/1/10. Statutory Authority:
								RCW
								   43.320.040,
								19.146.223, 2006 c 19. 06-23-137,
								§
											208-660-270, filed 11/21/06,
								effective 1/1/07.