Page:United States Statutes at Large Volume 122.djvu/2839

 12 2 STA T . 2 8 1 6PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 (A)PAS S ING S CORE.— A ni n d i v id ualsh all n otbec onsid - e r ed to have p assed a q uali f ied w ritten test unless the individual achieves a test score of not less than 75 percent correct answers to questions. ( B ) I NI T IA L RETESTS.—An individual m a y reta k eatest 3 consecutive times with each consecutive takin g occurring at least 3 0 days after the preceding test. ( C ) SUB SE Q UENT RETESTS.—After failing 3 consecutive tests , an individual shall wait at least 6 months before taking the test again. ( D ) R ETEST A F TER LA P SE OF LICENSE.—A State-licensed loan originator who fails to maintain a valid license for a period of 5 years or longer shall retake the test, not taking into account any time during which such individual is a registered loan originator. (e) M ORTGAGE CALL REPORTS.— E ach mortgage licensee shall submit to the N ationwide Mortgage L icensing System and Registry reports of condition, which shall be in such form and shall contain such information as the Nationwide Mortgage Licensing System and Registry may require. SEC.1506 .S TAND A R DS FO R STATE LI CENSE RENE W AL. (a) IN G ENERAL.— T he minimum standards for license renewal for State-licensed loan originators shall include the following

( 1 ) The loan originator continues to meet the minimum standards for license issuance. ( 2 ) The loan originator has satisfied the annual continuing education requirements described in subsection (b). (b) CONTINUING E D UCATION FOR STATE-LICENSED LOAN O RIGI- NATORS.— (1) IN GENERAL.—In order to meet the annual continuing education requirements referred to in subsection (a)(2), a State- licensed loan originator shall complete at least 8 hours of education approved in accordance with paragraph (2), which shall include at least— (A) 3 hours of F ederal law and regulations (B) 2 hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and (C) 2 hours of training related to lending standards for the nontraditional mortgage product marketplace. (2) APPRO V ED EDUCATIONAL COURSES.—For purposes of paragraph (1), continuing education courses shall be reviewed, and approved by the Nationwide Mortgage Licensing System and Registry. (3) CALCULATION OF CONTINUING EDUCATION CREDITS.—A State-licensed loan originator— (A) may only receive credit for a continuing education course in the 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. ( 4 ) INSTRUCTOR CREDIT.—A State-licensed loan originator who is approved as an instructor of an approved continuing education course may receive credit for the originator ’ s own annual continuing education requirement at the rate of 2 hours credit for every 1 hour taught. 12USC5 1 0 5.

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