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Idaho Statutes
Idaho Statutes are updated to the website July 1 following the legislative session.
BANKS AND BANKING
CHAPTER 31
IDAHO RESIDENTIAL MORTGAGE PRACTICES ACT
PART 3.
PROVISIONS APPLICABLE TO MORTGAGE LOAN ORIGINATORS
26-31-310. CONTINUING EDUCATION FOR MORTGAGE LOAN ORIGINATORS. (1) In order to meet the annual continuing education requirements, a licensed mortgage loan originator shall complete at least eight (8) hours of education each year, which shall include:
(a) Three (3) hours minimum of instruction on federal law and regulation;
(b) Two (2) hours minimum of instruction on ethics, including instruction on fraud, consumer protection and fair lending issues;
(c) Two (2) hours minimum of instruction on lending standards for the nontraditional mortgage product marketplace; and
(d) One (1) hour minimum of instruction directly related to this chapter and rules promulgated pursuant to this chapter.
(2) All continuing education courses and course providers shall be reviewed and approved by the NMLSR based upon reasonable standards.
(3) Nothing in this section shall preclude any approved education course that is provided by the mortgage loan originator’s employer 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) Continuing education courses may be completed either in a classroom, online or by any other means approved by the NMLSR.
(5) A licensed mortgage loan originator may only receive credit for a continuing education course in the year in which the course is taken, except as provided in section 26-31-309(3), Idaho Code, and subsection (9) of this section, and may not take the same approved course in the same or successive years in order to meet the annual continuing education requirements.
(6) A licensed mortgage loan originator who is an approved instructor may receive credit toward his required annual continuing education hours at the rate of two (2) hours of credit for every one (1) hour of instruction of an approved continuing education course.
(7) An individual having successfully completed the continuing education requirements described in subsection (1)(a) through (c) of this section for any state shall be awarded credit toward completion of continuing education requirements in Idaho.
(8) A licensed mortgage loan originator who subsequently becomes unlicensed shall 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) An individual meeting the requirements of section 26-31-309(1)(a) and (c), Idaho Code, may make up any deficiency in continuing education requirements as established by rule of the director.
History: