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Code · California · Business and Professions Code

§ 10166.10

402 words·~2 min read·/ca/business-and-professions-code/10166-10·

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(a)A mortgage loan originator shall complete at least eight hours of continuing education annually, which shall include at least three hours relating to federal law and regulations, two hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues, and two hours related to lending standards for the nontraditional mortgage product marketplace.
(b)For purposes of subdivision (a), continuing education courses and course providers shall be reviewed and approved by the commissioner and the Nationwide Multistate Licensing System and Registry.
(c)The commissioner shall have the authority to substitute any of the courses described in subdivision
(a)for the course requirements of Section 10170.5, subject to a finding that the course requirements in subdivision
(a)and the course completion standards in subdivision
(g)of Section 10166.06 are substantially equivalent to, and meet the intent of, Section 10170.5.
(d)This section does not preclude any education course, as approved by the commissioner and the Nationwide Multistate 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 by an agency contract, or any subsidiary or affiliate of the employer or entity.
(e)Continuing education may be offered either in a classroom, online, or by any other means approved by the commissioner and the Nationwide Multistate Licensing System and Registry.
(f)A mortgage loan originator may only receive credit for a continuing education course in the year in which the course is taken.
(g)A mortgage loan originator may not take the same approved course in the same or successive years to meet the requirements of this section for continuing education.
(h)A mortgage loan originator who is an instructor of an approved continuing education course may receive credit for their own annual continuing education requirement at the rate of two hours credit for every one hour taught.
(i)A person who successfully completes the education requirements approved by the Nationwide Multistate Licensing System and Registry in any state other than California shall be granted credit by the commissioner towards completion of continuing education requirements in this state.
(j)A mortgage loan originator whose license endorsement lapses, expires, or is suspended or revoked, and who wishes to regain their license endorsement, shall complete continuing education requirements for the last year in which the endorsement was held, before issuance of a new or renewed endorsement.
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