A. In order to meet the annual continuing education requirements set forth in Paragraph (2) of Subsection A of Section 58-21B-9 NMSA 1978, a licensed mortgage loan originator shall complete at least eight hours of education approved in accordance with Subsection B of this section, which shall include at least:

(1) three hours of federal law and regulations;

(2) two hours of ethics, including instruction on fraud, consumer protection and fair lending issues;

(3) two hours of training related to lending standards for the nontraditional mortgage product marketplace; and

(4) one hour of New Mexico law and administrative rules.

B. For the 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 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 by an entity that 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 in a classroom, online or by any other means approved by the nationwide multistate licensing system and registry.

E. A licensed mortgage loan originator:

(1) except for the provisions of Subsection B of Section 58-21B-9 NMSA 1978 and Subsection I of this section, 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 hours' credit for every one hour taught.

G. An individual who has successfully completed the education requirements approved by the nationwide multistate licensing system and registry and as set forth in Subsection A of this section for any state shall be accepted as credit toward completion of continuing education requirements in New Mexico.

H. 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.

I. An individual who meets the requirements set forth in Paragraphs (1) and (3) of Subsection A of Section 58-21B-9 NMSA 1978 may make up any deficiency in continuing education as established by rule promulgated by the director.

History: Laws 2009, ch. 122, § 10; 2019, ch. 144, § 10.

The 2019 amendment, effective July 1, 2019, replaced "nationwide mortgage licensing system and registry" with "nationwide multistate licensing system and registry", and provided the statutory citation for a provisions of the New Mexico Mortgage Loan Originator Licensing Act; after each occurrence of "nationwide", deleted "mortgage" and added "multistate"; in Subsection A, in the introductory clause, after "Section", deleted "9 of the New Mexico Mortgage Loan Originator Licensing Act" and added "58-21B-9 NMSA 1978"; in Subsection E, Paragraph E(1), after "Section", deleted "9 of the New Mexico Mortgage Loan Originator Licensing Act" and added "58-21B-9 NMSA 1978"; and in Subsection I, Paragraph E(1), after "Section", deleted "9 of the New Mexico Mortgage Loan Originator Licensing Act" and added "58-21B-9 NMSA 1978".

Severability. — Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.