☰ Revisor of Missouri

Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

Chapter 443

< > Effective - 28 Aug 2013, 2 histories bottom

  443.723.  Continuing education requirements. — 1.  To meet the annual continuing education requirements referred to in sections 443.701 to 443.893, a licensed mortgage loan originator shall complete at least eight hours of education approved in accordance with subsection 2 of this section, which shall include at least:

  (1)  Three hours of federal law and regulations;

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

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

  (4)  One hour of Missouri law and regulations.

  2.  For purposes of subsection 1 of this section, continuing education courses shall be reviewed, and approved by the NMLSR based upon reasonable standards.  Review and approval of a continuing education course shall include review and approval of the course provider.

  3.  Nothing in this section shall preclude any education course, as approved by the NMLSR, that is provided by the employer of the mortgage loan originator or person who is affiliated with the mortgage loan originator by an agency contract, or any subsidiary or affiliate of such employer or person.

  4.  Continuing education may be offered either in a classroom, online, or by any other means approved by the NMLSR.

  5.  A licensed mortgage loan originator:

  (1)  Shall only receive credit for a continuing education course in the year in which the course is taken except in the case of an expired license and under subsection 9 of this section; and

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

  6.  A licensed mortgage loan originator who is an approved 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 hours credit for every one hour taught.

  7.  A person having successfully completed the education requirements approved by the NMLSR in subdivisions (1) to (3) of subsection 1 of this section for any state shall be accepted as credit towards completion of continuing education requirements in Missouri.

  8.  A licensed mortgage loan originator who subsequently becomes unlicensed shall complete the continuing education requirements for the last year in which the license was held prior to issuance of a new or renewed license.

  9.  A person meeting the requirements of subdivisions (1) and (3) of subsection 2 of section 443.719 may make up any deficiency in continuing education as established by rule of the director.

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(L. 2009 H.B. 382, A.L. 2013 S.B. 100)


---- end of effective  28 Aug 2013 ----

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