1. (1) satisfactorily complete, beginning in the year after such individual is licensed, the educational requirements as prescribed pursuant to section 599-j of the Banking Law; and
2. (2) submit to the originating entity and the NMLS when directed by the superintendent proof of completion of the required number of hours of education courses by providing certificates of course completion in the form required by the superintendent.

3. (b) As a condition to renewing his or her license, an MLO interested shall on an annual basis complete at least 11 hours of continuing education courses, including courses satisfying the following minimum requirements:

   1. (1) three hours of Federal law and regulations;
   2. (2) two hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues;
   3. (3) two hours of training related to lending standards for the nontraditional mortgage product marketplace; and

   4. (4) three hours of training on applicable New York State law and regulations as may have been approved by the superintendent as pre-education courses.

      (c) Format of courses.

   5. (1) Inexperienced MLOs. An MLO with less than four years of experience as an MLO must take all continuing education courses given in the following formats:

      1. (i) a traditional live classroom setting;
      2. (ii) fully interactive video or audio conferences, where there is an opportunity for students to ask questions; or
      3. (iii) a format where the student cannot advance to the next course without demonstrating his or her comprehension of previous subjects.

   6. (2) Experienced MLOs. In the case of an MLO with four or more years of experience as an MLO half of the required credit hours in continuing education courses shall be in given in the following formats:

      1. (i) a traditional live classroom setting;
      2. (ii) fully interactive video or audio conferences, where there is an opportunity for students to ask questions; or

      3. (iii) a format where the student cannot advance to the next course without demonstrating his or her comprehension of previous subjects. The remaining credit hours may be satisfied in any of the preceding formats or any of the following formats:

         1. (a) online programs;
         2. (b) webcasts;
         3. (c) audio and video recordings;
         4. (d) video conferencing;
         5. (e) teleconferencing;
         6. (f) computer based learning software; and

         7. (g) live satellite broadcasts.

            (d) No repeat attendance.

            No credit shall be earned for repeating any education course for which a student has already earned credit, even if the education course is in a different format or a subsequent time period. This restriction shall not apply to a course that has new content, such as updates to reflect changes in the law or regulations or new court interpretations, or where a course is geared to a more in-depth or advanced treatment of a subject.

            (e) No course carryover.

            Continuing education credit may only be earned in the year in which the course is taken. Pre-licensing education credit will not be counted towards continuing education credit.

            (f) Instructor credits.

            An MLO who is also approved as an instructor of an approved continuing education course may receive credit toward the continuing education requirement at the rate of two hours of credit for every one hour taught.

            (g) Proof that MLO has completed continuing education requirements.

            No originating entity shall permit any MLO who is required to have completed a continuing education requirement pursuant to section 599-j of the Banking Law to engage in mortgage loan originating after his or her annual expiration date unless it has received acceptable proof of completion of such requirements.

(a) Required courses.

In order to meet the annual continuing education requirements referred to in article 12-E, a licensed mortgage loan originator shall: