                                 CODE OF VIRGINIA

CONTINUING EDUCATION REQUIREMENTS (§ 6.2-1710)

A. A licensed mortgage loan originator shall complete annually at least eight
hours of continuing education courses approved in accordance with subsection B,
which shall include at least: (i) three hours related to federal law and
regulations; (ii) two hours related to ethics, which shall include instruction
about fraud, consumer protection, and fair lending issues; and (iii) two hours
related to lending standards for the nontraditional mortgage product
marketplace.

B. Continuing education courses shall be reviewed and approved by the Registry
based upon reasonable standards. Review and approval of a continuing education
course shall include review and approval of the course provider.

C. Nothing in this section shall preclude the provision of any continuing
education course that has been approved by the Registry by: (i) the employer of
the mortgage loan originator; (ii) an entity that is affiliated with the
mortgage loan originator by an agency contract; or (iii) a subsidiary or
affiliate of such employer or entity.

D. Continuing education courses may be offered in a classroom, online, or by any
means approved by the Registry.

E. A licensed mortgage loan originator may only receive credit for a continuing
education course in the year in which the course is taken and may not take the
same approved course in the same or successive years to meet the annual
requirements for continuing education.

F. A licensed mortgage loan originator who is an instructor of an approved
continuing education course may receive credit for his annual continuing
education requirement at the rate of two hours of credit for every one hour of
teaching.

G. A licensed mortgage loan originator who has successfully completed
Registry-approved continuing education courses that satisfy the requirements of
subsection A for any state shall be deemed to have satisfied the continuing
education requirements of this chapter.

HISTORY: 2009, cc. 273, 453, § 6.1-431.11; 2010, c. 794.