Nebraska § 45-731 Written test requirement; subject
areas

Nebraska Statutes

§ 45-731 — Written test requirement; subject areas

Nebraska·Ch. 45 Interest, Loans, and Debt

(1)In order to meet the written test requirement referred to in subdivision

(1)(e) of section 45-729 , an individual shall pass, in accordance with the standards established under this section, a qualified written test developed by the Nationwide Mortgage Licensing System and Registry and administered by a test provider approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards.

(2)A written test shall not be treated as a qualified written test for purposes of subsection (1) of this section unless the test adequately measures the applicant's knowledge and comprehension in appropriate subject areas, including the following:

(a)Ethics;

(b)Federal laws and regulations pertaining to mortgage origination;

(c)State laws and regulations pertaining to m

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(1) In order to meet the written test requirement referred to in subdivision
(1)(e) of section 45-729 , an individual shall pass, in accordance with the
standards established under this section, a qualified written test developed
by the Nationwide Mortgage Licensing System and Registry and administered
by a test provider approved by the Nationwide Mortgage Licensing System and
Registry based upon reasonable standards.
(2) A written test shall not be treated as a qualified written test
for purposes of subsection (1) of this section unless the test adequately
measures the applicant's knowledge and comprehension in appropriate subject
areas, including the following:
(a) Ethics;
(b) Federal laws and regulations pertaining to mortgage origination;
(c) State laws and regulations pertaining to mortgage origination; and
(d) Federal and state laws and regulations, including instruction on
fraud, consumer protection, the nontraditional mortgage marketplace, and fair
lending issues.
(3) Nothing in this section shall prohibit a test provider approved
by the Nationwide Mortgage Licensing System and Registry 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.
(4)(a) An individual shall not be considered to have passed a qualified
written test unless the individual achieves a test score of not less than
seventy-five percent correct answers to questions.
(b) An individual may take a test three consecutive
times with each consecutive taking occurring at least thirty days after the
preceding test.
(c) After failing three consecutive tests, an individual shall wait
at least six months before taking the test again.
(d) A licensed mortgage loan originator who fails to maintain a valid
license for a period of five years or longer shall retake the test, not taking
into account any time during which such individual is a registered mortgage
loan originator.