6.2-1709 - (Effective October 1, 2010) Testing of mortgage loan originator applicants. - Virginia Statutes

§ 6.2-1709. (Effective October 1, 2010) Testing of mortgage loan originatorapplicants.

A. In order to meet the written test requirement referred to in subdivision 4of § 6.2-1707, an individual shall pass, in accordance with reasonablestandards established under this subsection, a qualified written test thathas been developed by the Registry and administered by a test providerapproved by the Registry.

B. A written test shall not be a qualified written test for purposes ofsubsection A unless the test adequately measures the applicant's knowledgeand comprehension in appropriate subject areas, including: (i) ethics; (ii)federal law and regulation pertaining to mortgage loan origination; (iii)state law pertaining to mortgage loan origination; and (iv) federal and statelaw and regulation pertaining to fraud, consumer protection, thenontraditional mortgage product marketplace, and fair lending issues.

C. Nothing in this section shall prohibit a test provider approved by theRegistry from providing a test at a location of: (i) the employer of theapplicant; (ii) any subsidiary or affiliate of the employer; or (iii) anyentity with which the applicant maintains an exclusive arrangement to act asa mortgage loan originator.

D. An individual shall not be considered to have passed a qualified writtentest unless he has correctly answered at least 75 percent of the testquestions. An individual may retake a test three consecutive times with eachconsecutive taking occurring at least 30 days after the preceding test. Afterfailing three consecutive tests, an individual shall wait at least six monthsbefore retaking the test. A licensed mortgage loan originator who fails tomaintain a valid license for a period of five years or longer, exclusive ofany period during which such individual is a registered mortgage loanoriginator, shall retake the test.

E. An applicant who has successfully completed pre-licensing education andtesting that is mandated by the Act and approved by the Registry for anystate shall be deemed to have completed Virginia's pre-licensing educationand testing requirements, other than any limited or separate state testingrequirements relating to Virginia law and regulation as described insubsection B.

(2009, cc. 273, 453, § 6.1-431.10; 2010, c. 794.)