§ 599-j. Continuing education for mortgage loan originators. 1.
Continuing education requirements. In order to meet the annual
continuing education requirements referred to in section five hundred
ninety-nine-i of this article, a licensed mortgage loan originator shall
complete, beginning in the year after such individual is licensed, at
least eleven hours of education approved in accordance with subdivision
two of this section, which shall include at least:

(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;

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

(d) Three hours of training on applicable New York State law and
regulations.

2. Approved education courses. For purposes of subdivision one 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. Employer and affiliate education courses. Nothing in this section
shall preclude any education course approved by the NMLSR 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.

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

5. Calculation of credits. A licensed mortgage loan originator:

(a) Except for subdivision nine of this section, may receive credit
for a continuing education course only in the calendar year in which the
course is taken; and

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

6. Instructor credit. A licensed mortgage loan originator who is an
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. Reciprocity of education. A person having successfully completed
the education requirements approved by the NMLSR pursuant to paragraphs
(a), (b), and (c) of subdivision one of this section for any state shall
be accepted as credit towards completion of continuing education
requirements in this state.

8. Lapse in license. 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. Make up of continuing education. An individual meeting the
requirements of paragraphs (a) and (c) of subdivision one of section
five hundred ninety-nine-i of this article may make up any deficiency in
continuing education as established by rule or regulation of the
superintendent.