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This entry was published on 2014-09-22
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SECTION 41-A
Continuing education requirement
General Business (GBS) CHAPTER 20, ARTICLE 5
§ 41-a. Continuing education requirement. 1. Every person licensed as
a collateral loan broker pursuant to this article shall, between June
thirtieth, two thousand seven and June twenty-ninth, two thousand nine,
and during every two year period thereafter, complete not less than
twelve hours of continuing education instruction offered in a course or
program approved by any mayor or licensing authority which licenses
collateral loan brokers pursuant to this article. In cities having a
population of one million or more, the commissioner of consumer affairs
shall, on or before January thirty-first, two thousand seven, approve
not less than one twelve hour continuing education instruction course or
program for collateral loan brokers and not less than one eight hour
continuing education instruction course or program for managers of
collateral loan broker businesses, as required by subdivision two of
this section. Every such course or program shall be made available
through at least one distance learning methodology, such as written
materials and questionnaires, internet courses or other electronic means
and shall also be made available through seminars or workshops,
commencing on or before June thirtieth, two thousand seven. Every mayor
and licensing authority shall consult with one or more trade
associations representing collateral loan brokers prior to approving any
continuing education instruction course or program pursuant to this
section.

2. Every collateral loan broker which employs more than three
employees, shall designate one individual as the manager of the
collateral loan broker business. Upon such designation the mayor or
licensing authority, which licenses the collateral loan broker, shall be
provided notice by such broker of the individual who has been designated
as manager of the business. Every individual designated as the manager
of a collateral loan broker business shall, between June thirtieth, two
thousand seven and June twenty-ninth, two thousand nine, and during
every two year period thereafter, complete not less than eight hours of
continuing education instruction for such managers offered in a course
or program approved by any mayor or licensing authority which licenses
collateral loan brokers pursuant to this article.

3. Each collateral loan broker shall designate a manager for each
location at which such broker conducts business and employs more than
three employees and every such manager shall comply with the provisions
of subdivision two of this section.

4. Each approved provider of continuing education instruction pursuant
to this section and each collateral loan broker shall maintain the
records of the provision or receipts of such instruction for not less
than four years.

5. The failure to comply with the provisions of this section shall be
grounds for the suspension, revocation or refusal to issue any license
issued pursuant to this article.