Continuing Education

(1) A Licensee shall, annually, complete a minimum of eight hours of continuing education ap- proved by the NMLS, which shall include, without limitation: (a) three hours of federal law and regulation; (b) two hours of ethics, which shall include instruction on fraud, consumer protection, and fair lend- ing issues; (c) two hours of training related to lending standards for the nontraditional mortgage product mar- ketplace; and (d) one hour of Massachusetts state law and regulation, which shall include instruction on Massa- chusetts consumer protection laws and other related statutes. (2) A Licensee who is an approved instructor of an approved continuing education course may re- ceive credit to satisfy such Licensee's annual continuing education requirement at the rate of two hours credit for every one hour taught. (3) A Licensee shall: (a) only receive credit for a continuing education course in the year in which the course is taken; and (b) not take the same approved course in the same or successive years to meet the annual require- ments for continuing education.