Each applicant for a mortgage loan originator license shall submit to a written test that is developed and approved by the nationwide mortgage licensing system and registry and administered by a test provider approved by the nationwide mortgage licensing system and registry based upon reasonable standards.
(A) The test shall adequately measure the applicant's knowledge and comprehension in appropriate subject matters, including ethics and federal and state law related to mortgage origination, fraud, consumer protection, the nontraditional mortgage marketplace, and fair lending issues.
(B) An individual shall not be considered to have passed the test unless the individual answers at least seventy-five per cent of the questions correctly.
(C) An individual may retake the test three consecutive times provided the period between taking the tests is at least thirty days.
(D) After failing three consecutive tests, an individual shall be required to wait at least six months before taking the test again.
(E) If a mortgage loan originator fails to maintain a valid license for a period of five years or longer, the individual shall be required to retake the test. For this purpose, any time during which the individual is a registered mortgage loan originator shall not be taken into account.
Amended by 130th General Assembly File No. TBD, HB 483, §101.01, eff. 9/15/2014.
Amended by 128th General AssemblyFile No.17, SB 124, §1, eff. 12/28/2009.
Added by 128th General AssemblyFile No.9, HB 1, §101.01, eff. 10/16/2009.
Related Legislative Provision: See 128th General AssemblyFile No.17, SB 124, §5 .
See 128th General AssemblyFile No.9, HB 1, §745.60.