The Florida Senate

494.00295  Professional continuing education.--

(1)  Mortgage brokers, and the principal representatives and loan originators of a mortgage lender, correspondent mortgage lender, or mortgage lender pursuant to s. 494.0065, must successfully complete at least 14 hours of professional continuing education covering primary and subordinate mortgage financing transactions and the provisions of this chapter during the 2-year period immediately preceding the renewal deadline for a mortgage broker, mortgage lender, correspondent mortgage lender, or mortgage lender pursuant to s. 494.0065 At the time of license renewal, a licensee must certify to the office that the professional continuing education requirements of this section have been met. Licensees shall maintain records documenting compliance with this subsection for a period of 4 years. The requirements for professional continuing education are waived for the license renewal of a mortgage broker for the biennial license period immediately following the period in which the person became licensed as a mortgage broker. The requirements for professional continuing education for a principal representative are waived for the license renewal of a mortgage lender, correspondent mortgage lender, or mortgage lender pursuant to s. 494.0065 for the biennial license period immediately following the period in which the principal representative completed the 24 hours of classroom education and passed a written test in order to qualify to be a principal representative.

(2)  Professional continuing education programs must contribute directly to the professional competency of the participants, may only be offered by permitted mortgage business schools or entities specifically exempted from permitting as mortgage business schools, and may include electronically transmitted or distance education courses.

(3)  The commission shall adopt rules necessary to administer this section, including rules governing qualifying hours for professional continuing education programs and standards for electronically transmitted or distance education courses, including course completion requirements.

History.--s. 2, ch. 2001-228; s. 526, ch. 2003-261; s. 5, ch. 2006-213.