Sec. 1506. STANDARDS FOR STATE LICENSE RENEWAL
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## SEC. 1506 STANDARDS FOR STATE LICENSE RENEWAL **[**[12 U.S.C. 5105](/us/usc/t12/s5105)**]** ###
(a)In General The minimum standards for license renewal for State-licensed loan originators shall include the following: ####
(1)The loan originator continues to meet the minimum standards for license issuance. ####
(2)The loan originator has satisfied the annual continuing education requirements described in subsection (b). ###
(b)Continuing Education for State-Licensed Loan Originators ####
(1)In general In order to meet the annual continuing education requirements referred to in subsection (a)(2), a State-licensed loan originator shall complete at least 8 hours of education approved in accordance with paragraph (2), which shall include at least— #####
(A)3 hours of Federal law and regulations; #####
(B)2 hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and #####
(C)2 hours of training related to lending standards for the nontraditional mortgage product marketplace. ####
(2)Approved educational courses For purposes of paragraph (1), continuing education courses shall be reviewed, and approved by the Nationwide Mortgage Licensing System and Registry. ####
(3)Calculation of continuing education credits A State-licensed loan originator— #####
(A)may only receive credit for a continuing education course in the 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. ####
(4)Instructor credit A State-licensed loan originator who is approved as an instructor of an approved continuing education course may receive credit for the originator’s own annual continuing education requirement at the rate of 2 hours credit for every 1 hour taught. ####
(5)Limitation and standards #####
(A)Limitation To maintain the independence of the approval process, the Nationwide Mortgage Licensing System and Registry shall not directly or indirectly offer any continuing education courses for loan originators. #####
(B)Standards In approving courses under this section, the Nationwide Mortgage Licensing System and Registry shall apply reasonable standards in the review and approval of courses.
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Sec. 1506
STANDARDS FOR STATE LICENSE RENEWAL
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