808 KAR 12:095 Continuing education requirements.

      RELATES TO: KRS 286.8-260

      STATUTORY AUTHORITY: KRS 286.8-140(1)

      NECESSITY, FUNCTION, AND CONFORMITY: KRS 286.8-140(1) authorizes the executive director to promulgate administrative regulations necessary to accomplish the basic purposes of KRS Chapter 286.8. KRS 286.8-260(1) requires all registered mortgage loan brokers and registered loan officers to complete twelve (12) hours of continuing professional education each year. This administrative regulation establishes the requirements relating to continuing education.

      Section 1. (1) Of the twelve (12) hours of continuing education required every year, registered mortgage loan brokers and registered loan officers shall complete a minimum of six (6) continuing education hours at least once every two (2) years on the requirements of either KRS Chapter 286.8 or KRS 360.100 or a combination of both.

      (2) Only the provisions of KRS 360.100 pertaining to predatory lending and penalties for noncompliance may be included in the education requirements.

      Section 2. A continuing education course from another state shall satisfy the continuing education requirement if the mortgage regulatory agency of the state where the course is held has approved the course for continuing education in that state and the course meets the classroom requirements of KRS 286.8-255 and 286.8-260. (30 Ky.R. 1896; eff. 3-18-2004.)