Okla. Stat. tit. 59, § 59-2095.21
This is the official text of Okla. Stat. tit. 59, § 59-2095.21, part of Oklahoma’s Stat. tit. 59, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 59,." Browse the sections below, each linked to its official government source.
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Licensed mortgage loan originator continuing education
Official statutory text
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 Page 1466
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.
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 Page 1466
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.
Status: in_force · Read it on the official government site
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