26-31-308. TESTING OF MORTGAGE LOAN ORIGINATORS. (1) All individuals seeking a mortgage loan originator license under this part shall satisfy the written test requirement by passing a qualified written test developed by the NMLSR and administered by a provider approved by the NMLSR based upon reasonable standards and subject to subsection (2) of this section.
(2) A written test shall not be deemed a qualified written test for purposes of subsection (1) of this section unless it tests the applicant’s knowledge and comprehension in the following subject areas:
(a) Ethics;
(b) Federal and state law and regulation pertaining to mortgage loan origination;
(c) Federal and state law and regulation pertaining to fraud, consumer protection, the nontraditional mortgage marketplace and fair lending issues.
(3) Nothing in this section shall prohibit a test provider approved by the NMLSR from administering a written test at the applicant’s place of employment, at the location of any subsidiary or affiliate of the applicant’s employer or at the location of any entity with which the applicant holds an exclusive arrangement to conduct the business of a mortgage loan originator.
(4) In order to pass a qualified written test, an individual must achieve a test score of not less than seventy-five percent (75%) correct answers to questions.
(5) An individual may retake a qualified written test two (2) times with each test occurring at least thirty (30) days after the preceding test. If an individual does not achieve a passing score on a qualified written test upon retake number two (2), then the individual shall wait at least six (6) months before retaking a written test.
(6) A mortgage loan originator who fails to maintain a valid license under this part for a period of five (5) years or longer shall, as a condition of obtaining a new license under this part, retake and pass a qualified written test, not taking into account any time during which such individual is a registered mortgage loan originator.
History:
[26-31-308, added 2009, ch. 97, sec. 2, p. 301; am. 2013, ch. 64, sec. 17, p. 157.]
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