A company policy memo needs an Illinois rule for continuing education and renewal. Which statement should be included?
Correct Answer
D) Illinois requires the stated annual continuing education before renewal.
Illinois annual MLO continuing education requires at least 8 hours, including 3 hours of federal law and regulations, 2 hours of ethics including fraud, consumer protection, and fair lending, and 2 hours on nontraditional mortgage products; credit is generally for the year taken and the same approved course may not be used in the same or successive years.
Why This Is the Correct Answer
Illinois annual MLO continuing education requires at least 8 hours, including 3 hours of federal law and regulations, 2 hours of ethics including fraud, consumer protection, and fair lending, and 2 hours on nontraditional mortgage products; credit is generally for the year taken and the same approved course may not be used in the same or successive years.
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