Code of Massachusetts Regulations
209 CMR - DIVISION OF BANKS AND LOAN AGENCIES
Title 209 CMR 41.00 - The Licensing Of Mortgage Loan Originators
Section 41.08 - Continuing Education
Universal Citation: 209 MA Code of Regs 209.41
Current through Register 1531, September 27, 2024
(1) A Licensee shall, annually, complete a minimum of eight hours of continuing education approved by the NMLS, which shall include, without limitation:
(a) three hours of federal law and
regulation;
(b) two hours of
ethics, which shall include instruction on fraud, consumer protection, and fair
lending issues;
(c) two hours of
training related to lending standards for the nontraditional mortgage product
marketplace; and
(d) one hour of
Massachusetts state law and regulation, which shall include instruction on
Massachusetts consumer protection laws and other related statutes.
(2) A Licensee who is an approved instructor of an approved continuing education course may receive credit to satisfy such Licensee's annual continuing education requirement at the rate of two hours credit for every one hour taught.
(3) A Licensee shall:
(a) only receive credit for a continuing
education course in the year in which the course is taken; and
(b) not take the same approved course in the
same or successive years to meet the annual requirements for continuing
education.
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