N.Y. Comp. Codes R. & Regs. tit. 3 § 420.12

Current through Register Vol. 46, No. 43, October 23, 2024

Section 420.12 - Approved education providers and courses

(a) Approved education courses.

For purposes of sections 420.11 and 420.14 of this Part and Banking Law sections 500-f and 599-j, pre-licensing education courses and continuing educational courses and the course provider thereof shall have been approved by the NMLS. Pre-licensing and annual educational courses approved by the NMLS for any state shall be accepted towards completion of the educational requirements of New York State, provided that such course, at a minimum, satisfies the requirements of section 420.11(b)(1), (2) and (3) of this Part for pre-licensing education courses, or section 420.14(b)(1), (2) and (3) of this Part for continuing educational courses.

(b)Variances and extensions.

Variances to, or extensions of, the pre-license or continuing education requirements prescribed pursuant to article 12-E of the Banking Law may be granted by the superintendent:

(1) for reasons of health certified by an appropriate health care professional;

(2) for extended active duty with the armed forces of the United States; or

(3) for other good cause deemed acceptable by the superintendent, in his or her sole discretion, which may prevent satisfactory or timely completion of such requirements.

(c)Audit by superintendent.

The superintendent or his or her representative may audit at no cost each approved pre-license or continuing education course at anytime. If the superintendent finds that the course does not conform to the requirements of article 12-E and section 420.11 or 420.14 of this Part, the superintendent shall notify the NMLS of the deficiencies. If the course provider does not rectify such deficiencies in a timely fashion, the superintendent shall notify mortgage loan originators, via the department's website, of the unacceptability of the particular course or courses for compliance with continuing education.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 420.12

Adopted, New York State Register October 1, 2014/Volume XXXVI, Issue 39, eff. 10/1/2014