ORS 86A.221 Continuing education requirements for mortgage loan originator; credit allowed

A licensed mortgage loan originator each year shall complete at least eight hours of an approved course of continuing education that:

At a minimum, must include:

Three hours devoted to federal laws and regulations;

Two hours devoted to ethics, with instruction concerning fraud, consumer protection and fair lending; and

Two hours devoted to lending standards applicable to nontraditional mortgages; and

May include additional requirements as the Director of the Department of Consumer and Business Services may establish by rule, including on topics of implicit bias, including racial bias.

For purposes of this section, an approved course of continuing education is a course that the Nationwide Mortgage Licensing System and Registry has reviewed and for which the Nationwide Mortgage Licensing System and Registry has approved the contents, provider, instructional standards and means and methods of delivery, using reasonable standards.

This section does not preclude a licensed mortgage loan originator’s employer or a subsidiary, agent or affiliate of the employer from providing an approved course of continuing education.

For the purposes of the requirement set forth in subsection (1) of this section, the director shall accept an approved course of continuing education that a licensed mortgage loan originator completed in another state.

A licensed mortgage loan originator:

May receive credit for a continuing education course only in the year in which the licensed mortgage loan originator takes the course, unless the director under ORS 86A.218 permits or requires the mortgage loan originator to make up a deficiency in continuing education; and

May not for the purposes of meeting the requirement set forth in subsection (1) of this section take the same approved course of continuing education in the same year or in any two successive years.

A licensed mortgage loan originator who is also approved as an instructor for an approved course of continuing education may receive two hours of credit toward the licensed mortgage loan originator’s own continuing education requirement for each hour of the approved course of continuing education that the licensed mortgage loan originator teaches.