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 an approved test provider.
(A) The test shall adequately measure the 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 mortgage loan originator fails to maintain a valid mortgage 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 mortgage loan
originator shall not be taken into account.
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