1301:8-7-17 Licensing examination.

(A) The following provisions concern the loan officer licensing examination required by division (B) of section 1322.051 of the Revised Code:

(1) Prior to the issuance of a license each licensee shall successfully complete a loan officer license examination, approved by the superintendent of the division of financial institutions.

(2) No individual shall be permitted to sit for an examination until the individual has been authorized to do so by the division of financial institutions. An individual who has submitted a loan officer application for approval is not eligible to sit for the examination until the superintendent of the division of financial institutions receives a completed application, including a criminal records check, and any other information required by the superintendent. The superintendent may refuse to permit an individual to sit for examination if the application or criminal records check contains any information that could disqualify the individual for approval or if the superintendent has any other information which, if true, could disqualify the individual.

(3) An applicant is only permitted to sit for an examination during his or her eligibility period of ninety days, which begins on the day the notice of authorization is sent to the applicant and examination provider.

(4) There is no limit as to how many times a person may test during his or her eligibility period. A fee may be assessed for each test.

(5) An application will be deemed deficient and withdrawn if the applicant fails to successfully complete the required loan officer examination within the ninety day period of eligibility.

(6) Successful completion of the examination requires a score of seventy per cent or higher. Successful completion of the examination alone, however, does not guarantee division approval of the individual's loan officer application.

(7) The examination will consist of questions including chapter 1322. of the Revised Code, mortgage loan processes and programs, definitions of terms basic to the industry, and general provisions of applicable state and federal laws.

(B) The following provisions apply to the operations manager examination required by division (A) of section 1322.051 of the Revised Code.

(1) An individual who has submitted a request for approval as operations manager is not eligible to sit for the examination until the superintendent of the division of financial institutions receives a completed "Request for OM Approval," including a criminal records check, and any other information required by the superintendent. The superintendent may refuse to permit an individual to sit for an examination if the request or criminal records check contains any information that could disqualify the individual for approval or if the superintendent has any other information which, if true, could disqualify the individual.

(2) If the individual fails to successfully complete the examination within ninety days of being notified by the superintendent that he or she has been approved to sit for the exam, the superintendent may consider the pending application for a mortgage broker certificate of registration that is dependent on the operations manager approval, withdrawn, or the superintendent may suspend the registrant's mortgage broker certificate of registration until an individual is approved. If a registrant is unable to designate an individual who meets the approval of the superintendent within one hundred eighty days of the termination date of the individual last approved as the registrant's operations manager, the superintendent may revoke the registrant's certificate of registration for operating without an approved operations manager.

(3) There is no limit as to how many times an individual may test during his or her eligibility period. A fee may be assessed for each test.

(4) Successful completion of the examination requires a score of seventy per cent or higher.

(5) The examination will consist of questions including chapter 1322. of the Revised Code, mortgage loan processes and programs, definitions of terms basic to the industry, and general provisions of applicable federal laws.

(6) Successful completion of the operations manager examination alone does not guarantee division approval of the individual as operations manager or the issuance of the applicant's certificate of registration.

Effective: 06/01/2007
R.C. 119.032 review dates: 11/15/2009
Promulgated Under: 119.03
Statutory Authority: 1322.12
Rule Amplifies: 1322.051
Prior Effective Dates: 9-1-06