750 IAC 9-3-6 Prelicensing testing

[NOTE: IC 24-4.4 is repealed by P.L. 115-2026, SECTION 22, effective July 1, 2026.] [NOTE: IC 24-4.5 is repealed by P.L. 115-2026, SECTION 23, effective July 1, 2026.] Sec. 6. (a) To meet the written test requirement referred to in section 2(d)(4) of this rule, an individual must pass, in accordance with the standards established under this section, a qualified written test developed by the NMLSR and administered by a test provider approved by the NMLSR based upon reasonable standards. (b) A written test may 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 regulation pertaining to mortgage origination; (3) state law and regulation pertaining to mortgage origination; and (4) federal and state law and regulation, including instruction on fraud, consumer protection, the nontraditional mortgage marketplace, and fair lending issues. (c) This section does not prohibit a test provider approved by the NMLSR from providing a test at the location of: (1) the employer of the applicant; (2) any subsidiary or affiliate of the employer of the applicant; or (3) any entity with which the applicant holds an exclusive arrangement to conduct the business of a mortgage loan originator. (d) The following are the standards for demonstrating minimum competence with respect to the testing requirement: (1) Passing Score - An individual does not pass a qualified written test unless the individual achieves a test score of at least seventy-five percent (75%) correct answers to questions. (2) Initial Retests - An individual may retake a test two (2) consecutive times with each consecutive test taken at least thirty (30) days after the preceding test. (3) Subsequent Retests - After failing three (3) consecutive tests, an individual must wait at least six (6) months before taking the test again. (4) Retest Required - A licensed mortgage loan originator who fails to maintain a valid license for a period of at least five (5) years must retake the test to be issued a new license, not taking into account any time during which the individual is a registered mortgage loan originator.