Which act requires MLOs to complete continuing education on a regular basis?

The Secure and Fair Enforcement for Mortgage Licensing Act, commonly known as the SAFE Act, is the legislation that mandates continuing education requirements for Mortgage Loan Originators (MLOs). Under this act, MLOs are required to complete a certain number of hours of continuing education courses every year to maintain their licensing. This requirement helps ensure that MLOs stay current with the latest laws, regulations, and practices in the mortgage industry, thereby promoting professionalism and consumer protection within the financial system.

The other acts listed do not include provisions for the continuing education of MLOs. For instance, the Fair Housing Act primarily addresses discrimination in housing, the Real Estate Settlement Procedures Act deals with settlement practices and disclosures in real estate transactions, and the Equal Credit Opportunity Act focuses on preventing discrimination in lending based on race, color, religion, national origin, sex, marital status, or age. None of these acts have the educational requirements set forth in the SAFE Act for MLOs.