NAC645F.505. Requirements for continuing education.

     1. A licensee who is a natural person must complete, during the 12 months immediately preceding the date on which his or her license expires, at least:

     (a) If the licensee is a covered service provider, 10 hours of instruction in approved courses of continuing education.

     (b) If the licensee is a foreclosure consultant, 7 hours of instruction in approved courses of continuing education.

     (c) If the licensee is a license as a loan modification consultant, 5 hours of instruction in approved courses of continuing education.

     2. An approved course of continuing education must focus on the practical application of transactions conducted by covered service providers, foreclosure consultants or loan modification consultants.

     3. Of the hours of instruction required by subsection 1, a licensee must complete:

     (a) Two hours of professional ethics, which must include instruction on fraud, consumer protection and fair lending issues;

     (b) Two hours of federal law and regulations relating to mortgage lending; and

     (c) One hour of Nevada law and regulations relating to this chapter and chapter 645F of NRS or other Nevada laws and regulations relating to mortgages.

     4. In addition to the hours of instruction specified in subsection 3, a covered service provider or foreclosure consultant must complete an adequate number of hours of instruction in elective subjects to meet the number of hours of instruction required by subsection 1.

     (Added to NAC by Comm’r of Mortgage Lending by R052-09, eff. 8-25-2009)