Section 750IAC9-3-10. Continuing education

   (a) To meet the annual continuing education requirements referred to in section 9 of this rule, a licensed mortgage loan originator shall complete at least eight (8) hours of education approved in accordance with subsection (b), which must include at least the following:

(1) Three (3) hours of federal law and regulations.

(2) Two (2) hours of ethics, which must include instruction on fraud, consumer protection, and fair lending issues.

(3) Two (2) hours of training related to lending standards for the nontraditional mortgage product marketplace.

  (b) For purposes of subsection (a), continuing education courses shall be reviewed and approved by the NMLSR based upon reasonable standards. Review and approval of a continuing education course must include review and approval of the course provider.

  (c) The NMLSR may approve an education course that is provided by:

(1) a creditor;

(2) an employer of the mortgage loan originator;

(3) an entity that is affiliated with the creditor or employer of the mortgage loan originator by an agency contract; or

(4) any subsidiary or affiliate of an employer or entity described in subsection [subdivision] (2) or (3).

  (d) Continuing education may be offered in a classroom, online, or by any other means approved by the NMLSR.

  (e) An individual subject to the continuing education requirements under this section:

(1) except as provided in section 9(c) of this rule and subsection (i), may receive credit for a continuing education course only in the year in which the course is taken; and

(2) may not take the same approved course in the same or successive years to meet the annual requirements for continuing education.

  (f) An individual subject to the continuing education requirements under this section who is an approved instructor of approved continuing education courses may receive credit for the individual's own annual continuing education requirement at the rate of two (2) hours credit for every one (1) hour taught.

  (g) A person who has successfully completed the education requirements approved by the NMLSR in subsection (a) for any state shall be accepted as completion of the continuing education requirements in this state.

  (h) A licensed mortgage loan originator who becomes unlicensed must complete the continuing education requirements for the last year in which the license was held before issuance of a new or renewed license.

  (i) A person meeting the requirements of section 9(b)(1) and 9(b)(3) of this rule may make up any deficiency in continuing education as established by policy of the director. (Department of Financial Institutions; 750 IAC 9-3-10; emergency rule filed Jul 23, 2009, 4:14 p.m.: 20090729-IR-750090577ERA; readopted filed Dec 1, 2015, 9:28 a.m.: 20151230-IR-750150336RFA)