NAC645B.373. Requirements for continuing education.

     1. To satisfy the requirements for continuing education provided for in NRS 645B.051 or 645B.430, a mortgage agent or mortgage broker must complete at least 10 hours of approved courses of continuing education during the 12 months immediately preceding the date on which the license expires. The 10 hours of approved courses must be comprised of:

     (a) Three hours of federal laws and regulations relating to mortgage lending;

     (b) Two hours of ethics, which must include, without limitation, instruction on fraud, consumer protection and fair lending issues;

     (c) Two hours of training relating to lending standards for nontraditional mortgage products; and

     (d) Three hours of Nevada laws and regulations, as set forth in NAC 645B.363.

     2. The Commissioner may accept any hours of training completed in fulfillment of the requirements for a license for another state as hours of training for continuing education in this State if the Commissioner determines that those hours of training meet the requirements of this State.

     3. Nothing in this section precludes any approved course that is provided by the employer of the mortgage agent or mortgage broker, an entity which is affiliated with the mortgage agent or mortgage broker by an agency contract, or any subsidiary or affiliate of such employer or entity.

     4. A licensed mortgage agent or mortgage broker may not take the same approved course in the same or successive years to meet the annual requirements for continuing education.

     5. A licensed mortgage agent or mortgage broker who is an approved instructor of an approved course may receive credit for the licensed mortgage agent’s or mortgage broker’s own annual continuing education requirement at the rate of 2 hours of credit for every 1 hour taught.

     (Added to NAC by Comm’r of Mortgage Lending by R093-09, eff. 10-27-2009; A by R035-10, 7-22-2010)