New York § 599-G Testing of mortgage loan originators

New York Statutes

§ 599-G — Testing of mortgage loan originators

New York § 599-G

Law BNKBanking

Art. 12-ELicensed Mortgage Loan Originators

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Bluebook

N.Y. Banking § 599-G (2026).

Text

§ 599-g. Testing of mortgage loan originators.

1.General\nrequirements. In order to meet the written test requirement referred to\nin this article, an individual shall pass, in accordance with the\nstandards established under this section, a qualified written test\ndeveloped by the NMLSR and administered by a test provider approved by\nthe NMLSR based upon reasonable standards.\n 2. Qualified test. A written test shall not be treated as a qualified\nwritten test for purposes of subdivision one of this section unless the\ntest adequately measures the applicant's knowledge and comprehension in\nappropriate subject areas, including the following:\n (a) Ethics;\n (b) Federal law and regulation pertaining to mortgage origination;\n (c) State law and regulation pertaining to mortgage ori

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§ 599-g. Testing of mortgage loan originators. 1. General\nrequirements. In order to meet the written test requirement referred to\nin this article, an individual shall pass, in accordance with the\nstandards established under this section, a qualified written test\ndeveloped by the NMLSR and administered by a test provider approved by\nthe NMLSR based upon reasonable standards.\n 2. Qualified test. A written test shall not be treated as a qualified\nwritten test for purposes of subdivision one of this section unless the\ntest adequately measures the applicant's knowledge and comprehension in\nappropriate subject areas, including the following:\n (a) Ethics;\n (b) Federal law and regulation pertaining to mortgage origination;\n (c) State law and regulation pertaining to mortgage origination; and\n (d) Federal and state law and regulation, including instruction on\nfraud, consumer protection, the nontraditional mortgage marketplace, and\nfair lending issues.\n 3. Testing location. Nothing in this section shall prohibit a test\nprovider approved by the NMLSR from providing a test at the location of\nthe employer of the applicant or the location of any subsidiary or\naffiliate of such entity, or the location of any entity with which the\napplicant holds an exclusive arrangement to conduct the business of a\nmortgage loan originator.\n 4. Minimum competency. The following conditions apply to individuals\ntaking such competency tests:\n (a) An individual shall not be considered to have passed a qualified\nwritten test unless the individual shall have achieved a test score of\nnot less than seventy-five percent correct answers to questions;\n (b) An individual may retake a test three consecutive times, with each\nconsecutive taking occurring at least thirty days after the preceding\ntest;\n (c) After failing three consecutive tests, an individual shall wait at\nleast six months before taking the test again; and\n (d) A licensed mortgage loan originator who fails to maintain a valid\nlicense for a period of five years or longer, not taking into account\nany time during which such individual is a registered mortgage loan\noriginator, shall retake the test.\n