Section 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.