(a) Generally. In order to meet the annual continuing education requirements of Arkansas Code § 23-39-507, each calendar year a licensed loan officer shall complete at least eight (8) hours of education that is approved in accordance with subsection (b) of this section, which shall include at least:
- (1) Three (3) hours of federal law and regulations;
- (2) Two (2) hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and
- (3) Two (2) hours of training related to lending standards for the nontraditional mortgage product marketplace.
- (b) Approved educational courses. For purposes of subsection (a) of this section, continuing education courses shall be reviewed and approved by the NMLS&R based upon reasonable standards.
- (c) Approved educational providers. For purposes of subsection (a) of this section, continuing education providers shall be reviewed and approved by the NMLS&R based upon reasonable standards.
- (d) Approval of employer and affiliate educational courses. Nothing in this section shall preclude any education course, as approved by the NMLS&R, which is provided by the employer of the loan officer or an entity which is affiliated with the loan officer by an agency contract, or any subsidiary or affiliate of such employer or entity.
- (e) Venue of education. Continuing education may be offered either in a classroom, online, or by any other means approved by the NMLS&R.
(f) Calculation of continuing education credits.
- (1) Except for subsections (g) and (h) of this section, a licensed loan officer may only receive credit for a continuing education course in the year in which the course is taken.
- (2) A licensed loan officer may not take the same approved course in the same or following year to meet the annual requirements for continuing education.
- (g) Instructor credit. A licensed loan officer who is an approved instructor of an approved continuing education course may receive credit for the licensed loan officer’s own annual continuing education requirement at the rate of two (2) hours credit for every one (1) hour taught.
- (h) Reciprocity of education. A person having successfully completed the education requirements approved by the NMLS&R in subsection (a) of this section for any state shall be accepted as credit towards completion of continuing education requirements in Arkansas.
- (i) Completion date. Continuing education shall be completed prior to submission of the renewal application, but in any event, prior to the end of the calendar year.
- (j) Lapse in license. A licensed loan officer who subsequently becomes unlicensed must complete the continuing education requirements for the last year in which the license was held prior to issuance of a new license.
- (k) Extension of continuing education. Upon written request and receipt of an extension fee of fifty dollars ($50.00), the Securities Commissioner may allow an extension of up to thirty (30) days beyond December 31 of the present calendar year in order to allow a loan officer to obtain continuing education hours and meet the requirements of this part.
- (l) Failure to complete. Failure to comply with the continuing education requirement of Arkansas Code § 23-39-507 and this section may result in disciplinary action in accordance with the Fair Mortgage Lending Act, Arkansas Code § 23-39-501 et seq.