| (a) Failing to obtain license. If an individual completes
the 20 hours of prelicensing education required by the S.A.F.E. Mortgage
Licensing Act, 12 U.S.C. §5104(c)(1), and fails to obtain a valid
RMLO license or federal registration within five years from the date
of completion, then the individual must retake the 20 hours of prelicensing
education in order to be eligible for licensure.
(b) Failing to maintain license. If an individual obtains
an RMLO license or federal registration and fails to maintain the
license or registration for at least five consecutive years, then
the individual must retake the 20 hours of prelicensing education
required by the S.A.F.E. Mortgage Licensing Act, 12 U.S.C. §5104(c)(1),
in order to be eligible for licensure.
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