Sec. 5. (a) The commissioner shall require an applicant for licensure as a:
(1) principal manager; or
(2) mortgage loan originator;
under IC 23-2.5-4 to pass a written examination prepared and administered by the commissioner or an agent appointed by the commissioner and approved by the Nationwide Multistate Licensing System.
(b) The written examination required by this section must measure the applicant's knowledge and comprehension in appropriate subject areas, including the following:
(1) Ethics.
(2) Federal laws and regulations concerning the origination of residential mortgage loans.
(3) State laws and rules concerning the origination of residential mortgage loans.
(c) An individual who answers at least seventy-five percent (75%) of the questions on the written examination correctly is considered to have passed the examination.
(d) An individual who does not pass the written examination may retake the examination not more than two (2) additional times, with each subsequent attempt occurring at least thirty (30) days after the date on which the individual last sat for the examination.
(e) If an individual fails three (3) consecutive examinations, the individual must wait to retake the examination until at least six (6) months after the date on which the individual sat for the third examination.
As added by P.L.175-2019, SEC.2.
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