Continuing Education
Eight hours of continuing education courses are required each year for renewal. Course must be approved by NMLS and you must enroll for classes through the NMLS procedure. Please see the NMLS Resource Center for instructions. Continuing Education hours are not required during the same calendar year that you complete your Pre-License education courses.

Pre-Licensure Education – NEW
Under HB 1060, all individuals meeting the definition of a mortgage loan originator (MLO), which includes Individual Mortgage Brokers, must meet new licensing requirements that are in compliance with the SAFE Act.  All individual licensees must complete twenty (20) hours of “Pre-Licensure” education prior to December 31, 2010, to comply with the federal SAFE Act.  You have two options for completing this requirement.

Option 1 – Certification of SD courses:
All Mortgage Loan Originators and Individual Mortgage Brokers who have completed 20 or more total hours of South Dakota Division of Banking approved education by December 31, 2009 may be certified by the South Dakota Division of Banking as having fulfilled the pre-licensure requirements.  This includes continuing education completed for the 2008 and 2009 renewal periods.

In order to participate in the Certification process, a licensee must have created a record in NMLS and obtained a unique ID number by October 31, 2009.

Option 2 – NMLS courses:
Individuals who do not qualify for certification are required to complete twenty (20) hours of NMLS approved pre-licensure education by December 31, 2010.  Any previously complete South Dakota approved education would not count toward your twenty hours. 

**If you have already satisfied 20 hours of NMLS Approved Education in any state or have had your education certified by another state, you are not responsible for the above requirements.  You will still need to complete 9 hours of South Dakota approved continuing education to meet the 2010 renewal requirements.

After December 31, 2009, only NMLS approved courses will be accepted to meet state education requirements in South Dakota.  No other courses after this date will be accepted as meeting the education requirements.

Example:

A mortgage loan originator has been licensed in South Dakota since 2007.  They completed 9 hours of continuing education in 2008 and 9 hours of continuing education for renewal in 2009, for a total of 18 hours. 

If they complete 2 additional hours of SD approved CE courses prior to December 31, 2009, they will qualify for certification (option 1) and have met the new pre-licensure education requirements.

If they do not complete the additional hours to reach a total of 20 hours, they will not meet the certification requirements and will have to comply with Option 2.  They will need to complete 20 hours of NMLS approved education courses.  The South Dakota approved CE they have completed will not count toward the 20 hours of pre-licensing education.  The 20 hours must be completed prior to renewal in December 2010.

If you have any question, please feel free to contact the Division by email, drr.banking.info@state.sd.us or phone 605-773-3421.