Michigan Laws 493.147 – Continuing education requirements
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 493.147
- Commissioner: means the director. See Michigan Laws 493.133
- Contract: A legal written agreement that becomes binding when signed.
- Fraud: Intentional deception resulting in injury to another.
- Individual: means a natural person. See Michigan Laws 493.133
- Licensed mortgage loan originator: means a mortgage loan originator who holds a valid license issued by the director under this act. See Michigan Laws 493.133
- 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
- Mortgage loan originator: means an individual who originates residential mortgage loans and meets all of the following:
(i) Is not an individual engaged solely as a loan processor or underwriter except as otherwise provided in section 5(3). See Michigan Laws 493.133Nationwide mortgage licensing system and registry: means a mortgage licensing system developed and maintained by the conference of state bank supervisors and the American association of residential mortgage regulators for the licensing and registration of licensed mortgage loan originators. See Michigan Laws 493.133 Nontraditional mortgage product: means any mortgage product other than a 30-year fixed rate mortgage. See Michigan Laws 493.133 Person: means an individual, corporation, limited liability company, partnership, association, or other legal entity. See Michigan Laws 493.133 state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) To meet the annual continuing education requirements described in section 15(1)(b), a licensed mortgage loan originator shall complete at least 8 hours of education approved under subsection (2), including at least all of the following:
(a) Three hours of federal law and regulations.
(b) Two hours of ethics, including instruction on fraud, consumer protection, and fair lending issues.
(c) Two hours of training related to lending standards for the nontraditional mortgage product marketplace.
(2) Only continuing education courses reviewed and approved by the nationwide mortgage licensing system and registry, based on reasonable standards, may be used to satisfy the requirements of subsection (1). Review and approval of a continuing education course shall include review and approval of the course provider.
(3) If approved by the nationwide mortgage licensing system and registry, a continuing education course may be provided by the employer of the mortgage loan originator, an entity that is affiliated with the mortgage loan originator by an agency contract, or a subsidiary or affiliate of that employer or entity.
(4) Continuing education may be offered in a classroom, online, or by any other means approved by the nationwide mortgage licensing system and registry.
(5) Both of the following apply to the continuing education requirements of a licensed mortgage loan originator:
(a) Except for section 15(2) and subsection (9), he or she may only receive credit for a continuing education course in the year in which the course is taken.
(b) He or she may not take the same approved course in the same or successive years to meet the annual requirements for continuing education.
(6) 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 2 hours credit for every 1 hour taught.
(7) If a person successfully completes any continuing education requirements described in subsection (1)(a), (b), or (c) that are approved by the nationwide mortgage licensing system and registry for any state, the commissioner shall accept those hours of education as credit toward completion of the continuing education requirements under this section.
(8) If an unlicensed individual who formerly held a license issued under this act applies for a new license under this act, he or she must complete the continuing education requirements for the last year in which the license was held to be eligible for a new or renewed license.
(9) The commissioner by rule may establish a procedure by which an individual who meets the requirements of section 15(1)(a) and (c) may make up any deficiency in continuing education.