An MLO completed his annual 8 hours of CE in November of Year 1. He then switches employers and moves to a new state in January of Year 2. By December of Year 2, he has not completed any additional CE. He applies for license renewal. Which of the following statements is most accurate regarding his CE compliance?

He is compliant because the SAFE Act provides a 90-day grace period for CE completion when an MLO changes employers or states He is compliant because CE completed in November of Year 1 carries forward to satisfy Year 2 requirements when an MLO changes employers He is non-compliant because the 8-hour annual CE must be completed each calendar year regardless of prior-year completion, and Year 2 CE has not been completed He is compliant because his Year 1 CE satisfies Year 2 requirements when changing states