Minnesota Statutes Banking (Ch. 46-59) § 58A.07. Testing of loan originators

Subdivision 1. Generally. In order to meet the written test requirement referred to in section 58A.05, clause (5), an individual shall pass, in accordance with the standards established under this section, a qualified written test developed by the Nationwide Multistate Licensing System and Registry (NMLSR) and designated as the NMLSR's National Test Component with Uniform State Content for Mortgage Loan Originator Licensing and administered by a test provider approved by the NMLSR based upon reasonable standards.

Subd. 2.Qualified test. A written test must not be treated as a qualified written test for purposes of subdivision 1 unless the test adequately measures the applicant's knowledge and comprehension in appropriate subject areas, including:

Subd. 3.Testing location. Nothing in this section prohibits a test provider approved by the Nationwide Multistate Licensing System and Registry from providing a test at the location of the employer of the applicant or the location of a subsidiary or affiliate of the employer of the applicant, or the location of an entity with which the applicant holds an exclusive arrangement to conduct the business of a mortgage loan originator.