§454F-7 Testing of mortgage loan
originators. (a) To meet the written test requirement in section 454F-5,
an applicant for licensure as a mortgage loan originator shall pass, in
accordance with the standards established under this section, a qualified written
test developed by NMLS and administered by a test provider approved by NMLS
based upon reasonable standards.
(b) A written test shall not be treated as a
qualified written test for purposes of subsection (a) unless the test
adequately measures the applicant's knowledge and comprehension in appropriate
subject areas, including:
(1) Ethics;
(2) Federal law and regulations pertaining to
mortgage origination;
(3) State law and rules pertaining to mortgage
origination; and
(4) Federal and state law, rules and regulations,
including instruction on fraud, consumer protection, the nontraditional
mortgage marketplace, and fair lending issues.
(c) Nothing in this section shall prohibit a
test provider approved by NMLS from providing a test at the location of the
employer of the applicant, the location of any subsidiary or affiliate of the
employer of the applicant, or the location of any entity with which the
applicant holds an exclusive arrangement to conduct the business of a mortgage
loan originator.
(d) An individual shall have passed a
qualified written test if the individual achieves a test score of seventy-five
per cent of the correct answers to questions or better. An individual may take
a test three times with each retest occurring at least thirty days after the
preceding test. After failing three consecutive tests, an individual shall
wait at least six months before taking the test again. A licensed mortgage
loan originator who fails to maintain a valid license for a period of five
years or longer not taking into account any time during which the individual is
an exempt registered mortgage loan originator, shall retake the test. [L Sp
2009, c 32, pt of §2; am L 2010, c 84, §14; am L 2013, c 168, §9]
