Ohio Code 1322.28 – Continuing education for mortgage loan originator
(A) Each licensee shall complete at least eight hours of continuing education every calendar year. To fulfill this requirement, the eight hours of continuing education must be offered in a course or program of study reviewed and approved by the superintendent of financial institutions. The course or program of study shall include all of the following:
Terms Used In Ohio Code 1322.28
- Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
- Fraud: Intentional deception resulting in injury to another.
- Individual: means a natural person. See Ohio Code 1322.01
- Licensee: means any individual who has been issued a mortgage loan originator license under this chapter. See Ohio Code 1322.01
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: means the consensual interest in real property located in this state, including improvements to that property, securing a debt evidence by a mortgage, trust indenture, deed of trust, or other lien on real property. See Ohio Code 1322.01
- Nationwide mortgage licensing system and registry: means a licensing system developed and maintained by the conference of state bank supervisors and the American association of residential mortgage regulators, or their successor entities, for the licensing and registration of persons providing non-depository financial services. See Ohio Code 1322.01
- Rule: includes regulation. See Ohio Code 1.59
- state: means the state of Ohio. See Ohio Code 1.59
- Superintendent of financial institutions: includes the deputy superintendent for consumer finance as provided in section 1181. See Ohio Code 1322.01
(1) Three hours of applicable federal law and regulations;
(2) Two hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues;
(3) Two hours of training related to lending standards for non-qualified mortgages, as defined in 12 C.F.R. § 1026.43, or the nontraditional mortgage product marketplace.
(B) Continuing education courses shall be reviewed and approved by the nationwide mortgage licensing system and registry based upon reasonable standards.
(C) The following conditions shall apply to the continuing education required by this section:
(1) An individual cannot take the same approved course in the same or successive years to meet the annual requirement for continuing education.
(2) An individual can only receive credit for a continuing education course in the year in which the course is taken, unless the individual is making up a deficiency in continuing education as permitted by rule or order of the superintendent.
(3) A licensee who subsequently becomes unlicensed must complete the continuing education requirement for the last year in which the license was held prior to the issuance of a new or renewed license.
(4) A licensee who is approved as an instructor of a continuing education course receives credit for the licensee’s own annual continuing education requirement at the rate of two credit hours for every one hour taught.
(5) If an individual successfully completed a continuing education course reviewed and approved by the nationwide mortgage licensing system and registry as required by another state, the individual can receive credit toward completion of the continuing education requirement of this state.
Last updated June 22, 2021 at 1:21 PM