Each person designated under division (A)(3) of section 1322.03 of the Revised Code to act as operations manager for a mortgage broker business
and each applicant for a 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 on reasonable standards.
(A) The test shall adequately measure the designee's or applicant's knowledge and comprehension in appropriate subject areas, including ethics, federal and state law related to mortgage origination, fraud, consumer protection, and the nontraditional mortgage marketplace, and fair lending issues.
(B) An individual shall not be considered to have passed the written 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. If an individual fails three consecutive tests, the individual shall be required to wait at least six months before taking the test again.
(D) If a loan originator fails to maintain a valid loan originator 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 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.9, HB 1, §101.01, eff. 10/16/2009.
Effective Date: 05-02-2002; 01-01-2007
Related Legislative Provision: See 128th General AssemblyFile No.9, HB 1, §745.60.