1112.1 In order to meet the continuing education requirements, a licensed mortgage loan originator shall complete, annually at least eight (8) hours of education, at least sixty (60) days prior to expiration of the license. The continuing education requirements shall include, but not be limited to, the following:

1. (a) Three (3) hours of federal law and regulations pertaining to mortgage related activity subject matters;
2. (b) Two (2) hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues;
3. (c) Two (2) hours of training related to lending standards for the nontraditional mortgage product marketplace; and
4. (d) One (1) hour of District of Columbia law and regulations pertaining to mortgage related activity subject matters.

1112.2 The continuing education courses shall be reviewed, and approved by the Nationwide Mortgage Licensing System and Registry. If the Nationwide Mortgage Licensing System and Registry has not reviewed and approved continuing education courses at the time of the submission of an application, and all other licensure requirements have been met, the application will be contingently approved until the first renewal cycle. By the next renewal cycle the applicant shall have taken and passed the required continuing education courses.

1112.3 A licensed mortgage loan originator may:

1. (a) Only receive credit for a continuing education course in the year in which the course is taken; and
2. (b) Not receive credit for taking the same course more than once in the same or successive years to meet the annual requirements for continuing education.

1112.4 A licensed mortgage loan originator, who is an instructor of an approved continuing education course, may receive credit for the licensed mortgage loan originator's own annual continuing education requirement at the rate of two (2) credit hours for every one (1) hour taught.

SOURCE: Final Rulemaking published at 56 DCR 4356, 4366-4367 (June 5, 2009).