Iowa Admin. Code r. 187-19.9 - Continuing education
(1) A
licensee applying to renew a mortgage loan originator license shall, during the
license term preceding renewal, complete at least eight hours of continuing
education or prelicensing education.
(2) Each continuing education course shall
first be approved by the NMLS before the superintendent grants continuing
education credit.
(3) Continuing
education courses shall focus on issues of the mortgage business or related
industry topics.
(4) The entity
providing the continuing education course shall submit to the NMLS evidence of
the licensee 's satisfactory completion of approved continuing
education.
(5) Continuing education
hours shall not be carried forward from one year to the next.
(6) Each mortgage loan originator shall
ultimately be responsible for maintaining verification records in the form of
completion certificates or other documents providing evidence of satisfactory
completion of approved continuing education courses. The mortgage loan
originator shall retain documentation for a period of three years after the
effective date of the mortgage loan originator license renewal. The
superintendent may conduct random audits to verify the continuing education
submitted to the NMLS .
(7) Failure
to provide requested evidence of completion of claimed continuing education
within 30 days of the written notice from the superintendent shall result in
the mortgage loan originator license being placed in inactive status. Prior to
the superintendent 's activating a mortgage loan originator license that has
been placed on inactive status pursuant to this rule, the mortgage loan
originator must submit to the superintendent satisfactory evidence that all
required continuing education has been completed.
(8) The requirement for completion of
continuing education may be waived or the deadline for completion may be
extended by the superintendent under either of the following circumstances:
a. The mortgage loan originator is called to
active duty in the armed forces of the United States for a period of time
exceeding 120 consecutive days in any continuing education year.
b. The mortgage loan originator experiences
physical disability, illness, or any extenuating circumstances that prevent
successful completion of continuing education.
Notes
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