Loan originator license—Test

(1) To obtain a loan originator license, an individual must pass a test developed by the nationwide mortgage licensing system and registry and administered by a test provider approved by the nationwide mortgage licensing system and registry based upon reasonable standards. (2) An individual is not considered to have passed a test unless the individual achieves a test score of not less than seventy-five percent correct answers to questions. (a) An individual may retake a test three consecutive times with each consecutive taking occurring at least thirty days after the preceding test. (b) After failing three consecutive tests, an individual must wait at least six months before taking the test again. (c) A licensed mortgage loan originator who fails to maintain a valid license for a period of five years or longer must retake the test, not taking into account any time during which that individual is a registered mortgage loan originator. (3) This section does not prohibit a test provider approved by the nationwide mortgage licensing system and registry from providing a test at the location of the employer of the loan originator applicant or any subsidiary or affiliate of the employer of the applicant, or any entity with which the applicant holds an exclusive arrangement to conduct the business of a mortgage loan originator.