(A)(1) Licensees must complete at least eight hours of continuing professional education annually, which must include at least one hour on South Carolina laws and regulations. Continuing education credit may be granted only for the year in which the class is taken and may not be granted for the same course in successive years. The continuing professional education completed must be reported to the administrator annually. Course providers must maintain records of attendees for two years after the course.

(2) Documentation of courses completed must be maintained by the mortgage broker for all licensees and shall consist of a certificate of completion issued by the provider of the course showing the recommended number of hours of continuing professional education. This documentation is subject to inspection by the administrator for up to two years after the date of the course.

(B) If a licensee fails to complete his continuing professional education prior to renewal, his license shall expire and the licensee shall pay a penalty of one hundred dollars in order to renew the license.

(C) All prelicensing education, continuing education, and written examinations must be approved through the Nationwide Mortgage Licensing System and Registry pursuant to 12 U.S.C. 5101 et seq. before credit may be awarded. Applicants and licensees that successfully complete education or testing approved through the Nationwide Mortgage Licensing System and Registry shall fulfill the requirements of this State.

HISTORY: 2009 Act No. 67, Section 5; 2017 Act No. 93 (S.366), Section 14, eff September 16, 2017.

Editor's Note

Prior Laws:1998 Act No. 336, Section 1; 2005 Act No. 7, Section 1.

Effect of Amendment

2017 Act No. 93, Section 14, in (A)(1), inserted ", which must include at least one hour on South Carolina laws and regulations".