§ 23-2.5-6-5 — Mortgage loan originator; written examination requirements

Indiana § 23-2.5-6-5

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 2.5: LOAN BROKERS
• Ch. 6: Education and Examination

Text

(a) The commissioner shall require an
applicant for licensure as a mortgage loan originator under IC 23-2.5-4
to pass a written examination prepared and administered by the
commissioner or an agent appointed by the commissioner and approved
by the Nationwide Multistate Licensing System.
(b) The written examination required by this section must measure
the applicant's knowledge and comprehension in appropriate subject
areas, including the following:
(1) Ethics.
(2) Federal laws and regulations concerning the origination of
residential mortgage loans.
(3) State laws and rules concerning the origination of residential
mortgage loans.
(c) An individual who answers at least seventy-five percent (75%)
of the questions on the written examination correctly is considered to
have passed the examination.
(d) An individual who does not pass the written examination may
retake the examination not more than two (2) additional times, with
each subsequent attempt occurring at least thirty (30) days after the
date on which the individual last sat for the examination.
(e) If an individual fails three (3) consecutive examinations, the
individual must wait to retake the examination until at least six (6)
months after the date on which the individual sat for the third
examination.

Legislative History

As added by P.L.175-2019, SEC.2. Amended by P.L.89-2024, SEC.18.