(1) Each applicant for a new mortgage loan originator license must pass the Uniform State Mortgage Loan Originator examination approved by the National Mortgage Licensing System and Registry, that contains a uniform state test and an examination on federal regulation prior to engaging in activities as an Oregon mortgage loan originator.
- (a) A passing score on the examination described in section (1) of this rule is 75 percent or greater.
- (b) A passing score on the examination described in section (1) of this rule is valid for 2 years from the date of passing the examination.
- (2) An applicant that fails to pass an examination may retake the examination consistent with ORS 86A.215.
- (3) Notwithstanding section (2), an applicant who violates the rules of conduct governing the Uniform State Mortgage Loan Originator examination or the rules of conduct governing an examination to obtain a loan originator’s license in any state or territory is considered to have engaged in an act, practice or course of business that operates or would operate as a fraud or deceit as used in ORS 86A.236(2). In addition to other remedies available, the director may refuse to issue the person a license as a mortgage loan originator.
Statutory/Other Authority
ORS 86A.242
Statutes/Other Implemented
ORS 86A.215
History
FCS 5-2014, f. 9-18-14, cert. ef. 1-1-15
FCS 4-2012, f. & cert. ef 8-1-12
Renumbered from 441-880-0020 by FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10
FCS 1-2007, f. & cert. ef. 1-17-07
FCS 2-2004, f. & cert. ef. 8-5-04
FCS 10-2001, f. 12-24-01, cert. ef. 1-1-02