1. Requirement. In order to meet the annual continuing education requirements set forth in section 13?108, subsection 1, paragraph B, a licensed mortgage loan originator must complete at least 8 hours of education approved in accordance with subsection 2.
A. [PL 2013, c. 466, §10 (RP).]
B. [PL 2013, c. 466, §10 (RP).]
C. [PL 2013, c. 466, §10 (RP).]

[PL 2013, c. 466, §10 (AMD).]

Terms Used In Maine Revised Statutes Title 9-A Sec. 13-109

  • Contract: A legal written agreement that becomes binding when signed.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Mortgage loan originator: means an individual who for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan. See Maine Revised Statutes Title 9-A Sec. 13-102
  • Nationwide mortgage licensing system and registry: means a mortgage licensing system developed and maintained by a national organization dedicated to advancing the state banking system and a national association of residential mortgage regulators for the licensing and registration of licensed mortgage loan originators. See Maine Revised Statutes Title 9-A Sec. 13-102
  • Person: means a natural person, corporation, company, limited liability company, partnership or association. See Maine Revised Statutes Title 9-A Sec. 13-102
  • Venue: The geographical location in which a case is tried.
  • Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
2. Approved education courses. For purposes of subsection 1, continuing education courses must be reviewed and approved by the nationwide mortgage licensing system and registry based upon reasonable standards. Review and approval of a continuing education course includes review and approval of the course provider.

[PL 2009, c. 362, Pt. B, §1 (NEW).]

3. Approval of employer and affiliate education courses. Nothing in this section precludes any education course, as approved by the nationwide mortgage licensing system and registry, that is provided by the employer of the mortgage loan originator or an entity which is affiliated with the mortgage loan originator by an agency contract or any subsidiary or affiliate of such employer or entity.

[PL 2009, c. 362, Pt. B, §1 (NEW).]

4. Venue of education. Continuing education may be offered either in a classroom, online or by any other means approved by the nationwide mortgage licensing system and registry.

[PL 2009, c. 362, Pt. B, §1 (NEW).]

5. Calculation of continuing education credits. A licensed mortgage loan originator may:
A. Notwithstanding section 13?108, subsection 2, receive credit for a continuing education course only in the year in which the course is taken; and [PL 2013, c. 466, §11 (AMD).]
B. Not repeat an approved course in the same or successive years to meet the annual requirements for continuing education. [PL 2009, c. 362, Pt. B, §1 (NEW).]

[PL 2013, c. 466, §11 (AMD).]

6. Instructor credit.

[PL 2013, c. 466, §12 (RP).]

7. Reciprocity of education. The completion of the education requirements approved by the nationwide mortgage licensing system and registry under this section for any state must be accepted as credit towards completion of continuing education requirements in this State.

[PL 2009, c. 362, Pt. B, §1 (NEW).]

8. Lapse in license. A person previously licensed under this Article as a licensed mortgage loan originator who subsequently becomes unlicensed must prove that the person has completed all of the continuing education requirements for the last year in which the license was held prior to issuance of a new or renewed license.

[PL 2009, c. 362, Pt. B, §1 (NEW).]

9. Deficiency in continuing education.

[PL 2013, c. 466, §13 (RP).]

SECTION HISTORY

PL 2009, c. 362, Pt. B, §1 (NEW). PL 2013, c. 466, §§10-13 (AMD).
  Previous section
Next section  
 Article 13 Contents