(a) Three hours of Federal law and regulations;
(b) Two hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues;
(c) Two hours of training related to lending standards for the nontraditional mortgage product marketplace; and
(d) Three hours of training on applicable New York State law and regulations. 2. Approved education courses. For purposes of subdivision one of this section, continuing education courses shall be reviewed and approved by the NMLSR based upon reasonable standards. Review and approval of a continuing education course shall include review and approval of the course provider. 3. Employer and affiliate education courses. Nothing in this section shall preclude any education course approved by the NMLSR that is provided by the employer of the mortgage loan originator or an entity which is affiliated with the mortgage loan originator by an agency contract, or any subsidiary or affiliate of such employer or entity. 4. Venue of education. Continuing education may be offered either in a classroom, online or by any other means approved by the NMLSR. 5. Calculation of credits. A licensed mortgage loan originator:
(a) Except for subdivision nine of this section, may receive credit for a continuing education course only in the calendar 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. 6. Instructor credit. A licensed mortgage loan originator who is an instructor of an approved continuing education course may receive credit for the licensed mortgage loan originator's own annual continuing education requirement at the rate of two hours credit for every one hour taught. 7. Reciprocity of education. A person having successfully completed the education requirements approved by the NMLSR pursuant to paragraphs (a), (b), and (c) of subdivision one of this section for any state shall be accepted as credit towards completion of continuing education requirements in this state. 8. Lapse in license. A licensed mortgage loan originator who subsequently becomes unlicensed must complete the continuing education requirements for the last year in which the license was held prior to issuance of a new or renewed license. 9. Make up of continuing education. An individual meeting the requirements of paragraphs (a) and (c) of subdivision one of section five hundred ninety-nine-i of this article may make up any deficiency in continuing education as established by rule or regulation of the superintendent.