New Jersey Statutes 17:11C-61. Educational requirements for license renewal
Terms Used In New Jersey Statutes 17:11C-61
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fraud: Intentional deception resulting in injury to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
(1) Pursuant to the reasonable standards established by the nationwide system and registry, an approved continuing educational course provider may include the employer or affiliated business licensee of the individual licensee, or an entity which is affiliated with the individual licensee by an agency contract, or any subsidiary or affiliate of the individual licensee’s employer, affiliated business licensee, or affiliated entity.
(2) Pursuant to the reasonable standards established by the nationwide system and registry, an approved continuing educational course may be offered at any location and by any means, including live classroom instruction, prepared group or individual coursework, or the Internet.
b. The approved continuing educational course shall include at a minimum, but not be limited to:
(1) 3 hours of instruction on federal statutes and regulations;
(2) 2 hours of instruction on ethics, including instruction on fraud, consumer protection, and fair lending issues;
(3) 2 hours of training related to lending standards for the nontraditional mortgage product marketplace; and
(4) 2 hours of instruction related to New Jersey laws and regulations on residential mortgage lending.
c. (1) Except as set forth by the commissioner in regulations consistent with this act and the provisions of the federal “Secure and Fair Enforcement for Mortgage Licensing Act of 2008,” title V of Pub.L.110-289 (12 U.S.C. § 5101 et seq.), a licensed mortgage loan originator, or a licensed residential mortgage lender or residential mortgage broker as a qualified individual licensee, may only receive credit for an approved continuing educational course:
(a) in the calendar year in which the licensee takes the course; and
(b) that is not the same approved course already taken in that calendar year or the immediately preceding calendar year.
(2) A licensed mortgage loan originator or qualified individual licensee, who is an approved instructor of an approved continuing educational course, may receive credit towards the individual licensee’s own continuing educational requirements set forth in this section at the rate of two hours of credit for every one hour of the approved continuing educational course taught.
(3) If a licensed mortgage loan originator or qualified individual licensee subsequently becomes unlicensed, the individual licensee shall complete the continuing educational requirements set forth in this section for the last calendar year in which the individual was licensed as a requirement for a license reinstatement.
d. Any continuing educational requirements of another state, reviewed and approved by the Nationwide Mortgage Licensing System and Registry, and completed by an applicant for a license renewal in that state pursuant to the provisions of the federal “Secure and Fair Enforcement for Mortgage Licensing Act of 2008,” title V of Pub.L.110-289 (12 U.S.C. § 5101 et seq.), shall be accepted by the commissioner from an applicant as credit towards completion of the reviewed and approved continuing educational requirements of this section for a license renewal in this State.
e. A determination by the National Mortgage Licensing System and Registry that an applicant has engaged in or attempted to engage in cheating while taking a continuing education course shall constitute evidence that the applicant lacks the character and fitness necessary for licensure pursuant to section 7 of P.L.2009, c.53 (C. 17:11C-57) and may be grounds for action on an existing license pursuant to section 20 of P.L.2009, c.53 (C. 17:11C-70).
L.2009, c.53, s.11; amended 2018, c.108, s.8.