New Jersey § 17:11c-61

§ 17:11c-61.

a. An applicant for a renewal of a license as a mortgage loan originator or a qualified

individual licensee, shall complete, as a requirement for the license renewal, at

least 12 hours of education from one or more continuing educational courses provided

by a continuing educational course provider, reviewed and approved by the Nationwide

Mortgage Licensing System and Registry, based upon reasonable standards established

by that nationwide system and registry. (1) Pursuant to the reasonable standards established by the nationwide system and

registry, an approved continuing educational course provider may include the employer

or affiliated business licensee of the individual licensee, or an entity which is

affiliated with the individual licensee by an agency contract, or any subsidiary or

affiliate of the individual licensee's employer, affiliated business licensee, or

affiliated entity. (2) Pursuant to the reasonable standards established by the nationwide system and

registry, an approved continuing educational course may be offered at any location

and by any means, including live classroom instruction, prepared group or individual

coursework, or the Internet. b. The approved continuing educational course shall include at a minimum, but not

be limited to: (1) 3 hours of instruction on federal statutes and regulations; (2) 2 hours of instruction on ethics, including instruction on fraud, consumer protection,

and fair lending issues; (3) 2 hours of training related to lending standards for the nontraditional mortgage

product marketplace ; and (4) 2 hours of instruction related to New Jersey laws and regulations on residential

mortgage lending . c. (1) Except as set forth by the commissioner in regulations consistent with this

act and the provisions of the federal “Secure and Fair Enforcement for Mortgage Licensing

Act of 2008,” title V of Pub.L.110-289 ( 12 U.S.C. s.5101 et seq. ), a licensed mortgage loan originator, or a licensed residential mortgage lender

or residential mortgage broker as a qualified individual licensee, may only receive

credit for an approved continuing educational course: (a) in the calendar year in which the licensee takes the course; and (b) that is not the same approved course already taken in that calendar year or the

immediately preceding calendar year. (2) A licensed mortgage loan originator or qualified individual licensee , who is an approved instructor of an approved continuing educational course, may

receive credit towards the individual licensee's own continuing educational requirements

set forth in this section at the rate of two hours of credit for every one hour of

the approved continuing educational course taught. (3) If a licensed mortgage loan originator or qualified individual licensee subsequently becomes unlicensed, the individual licensee shall complete the continuing

educational requirements set forth in this section for the last calendar year in which

the individual was licensed as a requirement for a license reinstatement. d. Any continuing educational requirements of another state, reviewed and approved

by the Nationwide Mortgage Licensing System and Registry, and completed by an applicant

for a license renewal in that state pursuant to the provisions of the federal “Secure

and Fair Enforcement for Mortgage Licensing Act of 2008,” title V of Pub.L.110-289 ( 12 U.S.C. s.5101 et seq. ), shall be accepted by the commissioner from an applicant as credit towards completion

of the reviewed and approved continuing educational requirements of this section for

a license renewal in this State. e. A determination by the National Mortgage Licensing System and Registry that an

applicant has engaged in or attempted to engage in cheating while taking a continuing

education course shall constitute evidence that the applicant lacks the character

and fitness necessary for licensure pursuant to section 7 of P.L.2009, c. 53 ( C.17:11C-57 ) and may be grounds for action on an existing license pursuant to section 20 of P.L.2009, c. 53 ( C.17:11C-70 ).