§ 40-23-128 — Testing of mortgage loan originators

(a) In order to meet the written test requirement under
W.S. 40-23-126(a)(v), an individual shall pass, in accordance
with the standards established under this section, a qualified
written test developed by the registry and administered by a
test provider approved by the registry.
(b) A written test shall not be treated as a qualified
written test for purposes of subsection (a) of this section
unless the test adequately measures the applicant's knowledge
and comprehension in appropriate subject areas, including:
(i) Ethics;
(ii) Federal law and regulation pertaining to
mortgage origination;
(iii) Wyoming law and regulation pertaining to
mortgage origination; and
(iv) Federal and Wyoming law and regulation,
including instruction on fraud, consumer protection, the
nontraditional mortgage marketplace and fair lending issues.
(c) Nothing in the section shall prohibit a test provider
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.
(d) 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.
(e) An individual may retake a test three (3) times with
each test taking occurring at least thirty (30) days after the
preceding test.
(f) After failing three (3) tests, an individual shall
wait at least six (6) months before taking the test again.
(g) A licensed mortgage loan originator who fails to
maintain a valid license for at least five (5) years shall
retake the written test. Any time the individual spends working
as a registered mortgage loan originator shall not be counted
against this five (5) year period.