Oklahoma § 59-2095.21 - Licensed mortgage loan originator continuing education

§ 59-2095.21. Licensed mortgage loan originator continuing education

requirements.

A. In order to meet the annual continuing education

requirements as provided in subsection A of Section 2095.10 of this

title, a licensed mortgage loan originator shall complete at least

eight (8) hours of education approved as provided in 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

3. Two (2) hours of training related to lending standards for

the nontraditional mortgage product marketplace.

B. For purposes of subsection A of this section, continuing

education courses shall be reviewed and approved by the Nationwide

Multistate Licensing System and Registry based upon reasonable

Oklahoma Statutes - Title 59. Professions and Occupations

standards. Review and approval of a continuing education course

shall include review and approval of the course provider.

C. Nothing in this section shall preclude any education course

as approved by the Nationwide Multistate 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. Continuing education may be offered either in a classroom,

online or by any other means approved by the Nationwide Multistate

Licensing System and Registry.

E. A licensed mortgage loan originator, except as provided in

subsection B of Section 2095.10 of this title and subsection I of

this section:

1. 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. 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. An individual having successfully completed the education

requirements approved by the Nationwide Multistate Licensing System

and Registry in paragraph 1 of subsection A and subsections B and C

of this section for any state shall be accepted as credit towards

completion of continuing education requirements in this state.

H. 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.

I. An individual meeting the requirements of paragraphs 1 and 2

of subsection A of Section 2095.10 of this title may make up any

deficiency in continuing education as established by rule.

Added by Laws 2009, c. 190, § 24, eff. July 1, 2009. Amended by

Laws 2013, c. 98, § 12, eff. Nov. 1, 2013; Laws 2015, c. 320, § 5,

eff. Nov. 1, 2015; Laws 2024, c. 218, § 17, eff. Nov. 1, 2024.