What are the continuing education requirements?
Effective February 10, 2007, Rule 500 requires all loan officers to complete 12 credit-hours of education annually. Of those 12 credit hours, one hour must consist of a review of Maine laws and rules and one hour of ethics and ethical considerations affecting the mortgage industry.

Can I carry over continuing education hours from one renewal cycle
to the next?
No, all credit hours must be completed during the 12-month period of each year's (Feb 1- Jan 31) requirements. Each year, beginning February 1, a new annual requirement commences.

Do sole proprietors need to meet the educational requirements?
Yes, if you are a sole proprietor licensed as a lender or loan broker in your own name, you must comply with the educational requirements, even if you are exempt from having to register as a loan officer.

What is the deadline for completion of educational requirements?
Regarding any loan officer registered with the State prior to Jan 31, 2008, those individuals must complete 12 credit hours prior to that date (January 31, 2008). (One hour must cover Maine law, and one hour must address ethics.) Any individuals not registered prior to January 31, 2008 must complete 16 credit hours of educational requirements (including 2 hours of Maine law and 2 hours of ethics) before they will be allowed to be registered as Maine loan officers.

What happens if I don’t complete my continuing education requirement?
Failure to comply with Rule 500 may result in penalties, including denial or revocation of licensure or registration.

For more details on becoming a licensed mortgage lender, click here.