1. (a) Upon failing the initial taking and three consecutive retakings of a component of a qualified written mortgage loan originator competency test that is administered through the registry, an individual must wait at least 180 days before retaking the test. An individual may retake a component of the competency test after the waiting period set out in Table 1 of this subsection: TABLE 1. WAITING PERIODS TO RETAKE MORTGAGE LOAN ORIGINATOR COMPETENCY TEST. TEST ATTEMPT TEST RESULT RETAKE WAITING PERIOD Initial attemptFail30 daysSecond attempt (first retake)Fail30 daysThird attempt (second retake)Fail30 daysFourth attempt (third retake)Fail180 daysEach further attemptFail30 days, except 180 days after each fourth attempt
2. (b) The retake waiting period under (a) of this section applies independently to each component of the qualified written test that is administered through the registry.
3. (c) If a former mortgage loan originator licensee under AS 06.60 fails for a period of five years or longer to either maintain a mortgage loan originator license under AS 06.60 or be employed as a registered mortgage loan originator, the former mortgage loan originator licensee must retake and pass the qualified written test before being relicensed as a mortgage loan originator under AS 06.60.

(Eff. 12/4/2010, Register 196)

Authority: AS 06.60.040, AS 06.60.910