Cal. Code Regs. tit. 10 § 1950.122.5.3

Current through Register 2024 Notice Reg. No. 45, November 8, 2024

Section 1950.122.5.3 - Continuing Education and Renewal Procedures for Mortgage Loan Originators

(a) A mortgage loan originator license shall be renewed on an annual basis between November 1 and December 31. A license not renewed during the specified time period shall be deemed a lapsed or expired license. A mortgage loan originator with a lapsed or expired license may not engage in business as a mortgage loan originator until the mortgage loan originator's license is reinstated pursuant to Section 1950.122.5.4 of Subchapter 11.5 of these rules.

(b) To renew a license under subsection (a) of this rule, a licensed mortgage loan originator shall pay a renewal fee ($300), comply with all submission requests by the Commissioner, and complete at least eight hours of NMLS approved continuing education on or before December 31st of every year, which shall include the following:

(1) Three hours of instruction on 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 the nontraditional mortgage product marketplace, and

(4) One hour of training related to relevant California law and regulations.

Cal. Code Regs. Tit. 10, § 1950.122.5.3

1. New section filed 4-1-2010 as an emergency; operative 4-1-2010 (Register 2010, No. 14). A Certificate of Compliance must be transmitted to OAL by 9-28-2010 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 9-28-2010 as an emergency; operative 9-28-2010 (Register 2010, No. 40). A Certificate of Compliance must be transmitted to OAL by 12-27-2010 or emergency language will be repealed by operation of law on the following day.
3. New section, including new subsection (c), refiled 12-23-2010 as an emergency; operative 12-23-2010 (Register 2010, No. 52). A Certificate of Compliance must be transmitted to OAL by 3-23-2011 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 12-23-2010 order, including amendment of subsection (b) and NOTE, transmitted to OAL 3-14-2011 and filed 4-25-2011; amendments operative 5-25-2011 (Register 2011, No. 17).
5. Amendment of subsections (b)(2)-(3), new subsection (b)(4) and repealer of subsection (c) filed 8-19-2015; operative 8-19-2015 pursuant to Government Code section 11343.4(b)(3) (Register 2015, No. 34).

Note: Authority cited: Sections 50140 and 50304, Financial Code. Reference: Sections 50141, 50144 and 50145, Financial Code.

1. New section filed 4-1-2010 as an emergency; operative 4-1-2010 (Register 2010, No. 14). A Certificate of Compliance must be transmitted to OAL by 9-28-2010 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 9-28-2010 as an emergency; operative 9-28-2010 (Register 2010, No. 40). A Certificate of Compliance must be transmitted to OAL by 12-27-2010 or emergency language will be repealed by operation of law on the following day.
3. New section, including new subsection (c), refiled 12-23-2010 as an emergency; operative 12-23-2010 (Register 2010, No. 52). A Certificate of Compliance must be transmitted to OAL by 3-23-2011 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 12-23-2010 order, including amendment of subsection (b) and Note, transmitted to OAL 3-14-2011 and filed 4-25-2011; amendments operative 5-25-2011 (Register 2011, No. 17).
5. Amendment of subsections (b)(2)-(3), new subsection (b)(4) and repealer of subsection (c) filed 8-19-2015; operative 8/19/2015 pursuant to Government Code section 11343.4(b)(3) (Register 2015, No. 34).