((a)) ** In general** The minimum standards for license renewal for State-licensed loan originators shall include the following:

((1)) The loan originator continues to meet the minimum standards for license issuance.

((2)) The loan originator has satisfied the annual continuing education requirements described in subsection (b).

((b)) ** Continuing education for State-licensed loan originators**

((1)) ** In general** In order to meet the annual continuing education requirements referred to in subsection (a)(2), a State-licensed loan originator shall complete at least 8 hours of education approved in accordance with paragraph (2), which shall include at least—

((A)) 3 hours of Federal law and regulations;

((B)) 2 hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and

((C)) 2 hours of training related to lending standards for the nontraditional mortgage product marketplace.

((2)) ** Approved educational courses** For purposes of paragraph (1), continuing education courses shall be reviewed, and approved by the Nationwide Mortgage Licensing System and Registry.

((3)) ** Calculation of continuing education credits** A State-licensed loan originator—

((A)) may only receive credit for a continuing education course in the year in which the course is taken; and

((B)) may not take the same approved course in the same or successive years to meet the annual requirements for continuing education.

((4)) ** Instructor credit** A State-licensed loan originator who is approved as an instructor of an approved continuing education course may receive credit for the originator’s own annual continuing education requirement at the rate of 2 hours credit for every 1 hour taught.

((5)) ** Limitation and standards**

((A)) ** Limitation** To maintain the independence of the approval process, the Nationwide Mortgage Licensing System and Registry shall not directly or indirectly offer any continuing education courses for loan originators.

((B)) ** Standards** In approving courses under this section, the Nationwide Mortgage Licensing System and Registry shall apply reasonable standards in the review and approval of courses.