[§454F-7]  Testing of mortgage loan
originators.  (a)  In order to meet the passing of the written test
requirement in section 454F-5, an applicant shall pass, in accordance with the
standards established under this section, a qualified written test developed by
the Nationwide Mortgage Licensing System and administered by a test provider
approved by the Nationwide Mortgage Licensing System 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 the Nationwide Mortgage Licensing System 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
retake a test three consecutive times with each consecutive taking 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 a registered mortgage loan originator, shall
retake the test. [L Sp 2009, c 32, pt of §2]