Rhode Island § 19-14.10-8 § 19-14.10-8. Testing of loan originators.

Rhode Island Statutes

§ 19-14.10-8 — § 19-14.10-8. Testing of loan originators.

Rhode Island § 19-14.10-8

Title 19Financial institutions

Ch. 19-14.10An Act Adopting the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2009

This text of Rhode Island § 19-14.10-8 (§ 19-14.10-8. Testing of loan originators.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 19-14.10-8 (2026).

Text

§ 19-14.10-8. Testing of loan originators.
(a) In order to meet the written test requirement referred to in this chapter, an individual
            shall pass, in accordance with the standards established under this subsection, a
            qualified written test developed by the Nationwide Multistate Licensing System and
            administered by a test provider approved by the Nationwide Multistate Licensing System
            based upon reasonable standards.
         
(b) A written test shall not be treated as a qualified written test for purposes of this
            section unless the test adequately measures the applicant's knowledge and comprehension
            in a

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§ 19-14.10-8. Testing of loan originators.

(a) In order to meet the written test requirement referred to in this chapter, an individual shall pass, in accordance with the standards established under this subsection, a qualified written test developed by the Nationwide Multistate Licensing System and administered by a test provider approved by the Nationwide Multistate Licensing System based upon reasonable standards.

(b) A written test shall not be treated as a qualified written test for purposes of this section 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;

(4) Federal and state law and regulation, including instruction on fraud, consumer protection, the nontraditional mortgage marketplace, and fair-lending issues.

(c) Nothing in this section shall prohibit a test provider approved by the Nationwide Multistate Licensing System from providing a test at the location of the employer of the applicant or 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.

(d)(1) 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 (75%) correct answers to questions.

(2) An individual may retake a test three (3) consecutive times with each consecutive taking occurring at least thirty (30) days after the preceding test.

(3) After failing three (3) consecutive tests, an individual shall wait at least six (6) months before taking the test again.

(4) A licensed mortgage loan originator who fails to maintain a valid license for a period of three (3) years or longer shall retake the test, not taking into account any time during which such individual is a registered mortgage loan originator.