North Dakota Code 13-10-09 – Continuing education for mortgage loan originators
1. To meet the annual continuing education requirements referred to in section 13-10-08, a licensed mortgage loan originator shall complete at least eight hours of education approved in accordance with subsection 2, which must include at least:
Terms Used In North Dakota Code 13-10-09
- Contract: A legal written agreement that becomes binding when signed.
- Fraud: Intentional deception resulting in injury to another.
- Individual: means a human being. See North Dakota Code 1-01-49
- 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
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- Rule: includes regulation. See North Dakota Code 1-01-49
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
- year: means twelve consecutive months. See North Dakota Code 1-01-33
a. Three hours of federal law and regulations; b. Two hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and
c. Two hours of training related to lending standards for the nontraditional mortgage product marketplace.
2. For purposes of subsection 1, continuing education courses shall be reviewed and approved by the nationwide mortgage licensing system and registry based upon reasonable standards. Review and approval of a continuing education course must include review and approval of the course provider.
3. Nothing in this section precludes any education course, as approved by the nationwide mortgage licensing system and registry, which is provided by the employer of the mortgage loan originator or an entity that is affiliated with the mortgage loan originator by an agency contract or any subsidiary or affiliate of such employer or entity.
4. Continuing education may be offered in a classroom, online, or by any other means approved by the nationwide mortgage licensing system and registry.
5. For a licensed mortgage loan originator:
a. Except as allowed by subsection 2 of section 13-10-08 and subsection 9 of this section, an individual may only receive credit for a continuing education course in the year in which the course is taken; and
b. An individual may 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 nationwide mortgage licensing system and registry in subsection 1 for any state shall be accepted as credit toward completion of continuing education requirements in North Dakota.
8. A licensed mortgage loan originator who subsequently becomes unlicensed must 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 a and c of subsection 1 of section 13-10-08 may make up any deficiency in continuing education as established by rule or regulation of the commissioner.