Section 443.719

Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

Chapter 443

Effective - 16 Oct 2015, 2 histories, see footnote   

  *443.719.  Written test required, test measures — minimum competency requirements. — 1.  In order to meet the written test requirement under sections 443.701 to 443.893, an individual shall pass, in accordance with the standards established under this section, a qualified written test developed by the NMLSR based upon reasonable standards, and designated as the NMLSR's^** National Test Component with Uniform State Content for Mortgage Loan Originator licensing.

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

  (1)  Ethics;

  (2)  Federal law and regulation pertaining to mortgage origination;

  (3)  State law and regulation pertaining to mortgage origination;

  (4)  Federal and state law and regulation on 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 providing a test at the location of the employer of the applicant or the location of any subsidiary or affiliate of the employer of the applicant, or the location of any person with which the applicant holds an exclusive arrangement to conduct the business of a mortgage loan originator.

  4.  An applicant for licensure as a mortgage loan originator shall demonstrate minimum competence as follows:

  (1)  An individual shall not be considered to have passed a qualified written test unless the individual achieves a test score of not less than seventy-five percent correct answers to questions;

  (2)  An individual may retake a test two times with each consecutive taking occurring at least thirty days after the preceding test;

  (3)  After failing three consecutive tests, an individual shall wait at least six months before taking the test again;

  (4)  A licensed mortgage loan originator who fails to maintain a valid license for a period of five years or longer shall retake the test, not taking into account any time during which such individual is a registered mortgage loan originator.

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(L. 2009 H.B. 382, A.L. 2015 S.B. 345)

*Effective 10-16-15, see § 21.250.  S.B. 345 was vetoed on July 7, 2015.  The veto was overridden September 16, 2015.

**Word "NMLSR'S" appears in original rolls.