Guam § 36310 - Continuing Education for Mortgage Loan Originators.

§ 36310. Continuing Education for Mortgage Loan Originators.

(a) General. In order to meet the annual continuing education

requirements referred to in § 36309 (a)(2), a licensed mortgage loan

originator shall complete at least eight (8) hours of education approved in

accordance with Subsection (b) of this Section, which shall include at least:

(1) three (3) hours of Federal law and regulations;

(2) two (2) hours of ethics, which shall include instruction on

fraud, consumer protection, and fair lending issues; and

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(3) two (2) hours of training related to lending standards for the

nontraditional mortgage product marketplace.

(b) Approved Educational Courses. For the purposes of Subsection

(a) of this Section, 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 shall include review and approval of the course provider.

(c) Approval of Employer and Affiliate Educational Courses. Nothing

in this Section shall preclude 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.

(d) 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.

(e) Calculation of Continuing Education Credits. A licensed mortgage

loan originator:

(1) except for § 36309 (b) and Subsection (i) of this Section, may

only receive credit for a continuing education course in the year in

which the course is taken; and

(2) may not take the same approved course in the same or

successive years to meet the annual requirements for continuing

education.

(f) Instructor Credit. 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 (2) hours credit for every one (1)

hour taught.

(g) Reciprocity of Education. A person having successfully completed

the education requirements approved by the Nationwide Mortgage Licensing

System and Registry in Subsections (a)(1), (2) and (3) of this Section for any

State shall be accepted as credit towards completion of continuing education

requirements in Guam.

(h) Lapse in License. A licensed mortgage loan originator who

subsequently becomes unlicensed must complete the continuing education

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requirements for the last year in which the license was held prior to issuance

of a new or renewed license.

(i) Make up of Continuing Education. A person meeting the

requirements of § 36309 (a)(1) and (3) of this Act may make up any

deficiency in continuing education as established by rule or regulation of the

Commissioner.