45-731 Written test requirement; subject areas; retaking test; limitations. - Nebraska Statutes

45-731. Written test requirement; subjectareas; retaking test; limitations.(1) In order to meet the written test requirement referredto in subdivision (1)(e) of section 45-729, an individual shall pass, in accordancewith the standards established under this section, a qualified written testdeveloped by the Nationwide Mortgage Licensing System and Registry and administeredby a test provider approved by the Nationwide Mortgage Licensing System andRegistry based upon reasonable standards.(2) A written test shallnot be treated as a qualified written test for purposes of subsection (1)of this section unless the test adequately measures the applicant's knowledgeand comprehension in appropriate subject areas, including the following:(a) Ethics;(b) Federal laws and regulationspertaining to mortgage origination;(c) State laws and regulations pertaining to mortgageorigination; and(d)Federal and state laws and regulations, including instruction on fraud, consumerprotection, the nontraditional mortgage marketplace, and fair lending issues.(3) Nothing in this sectionshall prohibit a test provider approved by the Nationwide Mortgage LicensingSystem and Registry from providing a test at the location of the employerof the applicant, the location of any subsidiary or affiliate of the employerof the applicant, or the location of any entity with which the applicant holdsan exclusive arrangement to conduct the business of a mortgage loan originator.(4)(a) An individual shallnot be considered to have passed a qualified written test unless the individualachieves a test score of not less than seventy-five percent correct answersto questions.(b)An individual may retake a test three consecutive times with each consecutivetaking occurring at least thirty days after the preceding test.(c) After failing threeconsecutive tests, an individual shall wait at least six months before takingthe test again.(d)A licensed mortgage loan originator who fails to maintain a valid licensefor a period of five years or longer shall retake the test, not taking intoaccount any time during which such individual is a registered mortgage loanoriginator. SourceLaws 2009, LB328, § 16.