32-9-118. Continuing education requirements for mortgage loan originators. (1) All mortgage loan originators shall complete and submit to the nationwide mortgage licensing system and registry evidence of at least 12 hours of continuing education every year at the time they submit their license renewal applications. The 12 hours of continuing education must be obtained in an approved education course.
     (2) The 12 hours of education must include at least:
     (a) 3 hours of training on federal laws and regulations;
     (b) 2 hours of training in ethics, including instruction on fraud prevention, consumer protection, and fair lending issues; and
     (c) 2 hours of training related to lending standards for the nontraditional mortgage product marketplace.
     (3) A person who has successfully completed the education requirements that comply with the requirements of subsection (1) and that are approved by the nationwide mortgage licensing system and registry for any other state must be given credit toward completion of continuing education requirements in Montana.
     (4) 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 or renewed license.

     History: En. Sec. 12, Ch. 516, L. 2003; amd. Sec. 18, Ch. 321, L. 2009.