- (1) An applicant must satisfy pre-licensing education and written testing requirements to be eligible to apply for a mortgage loan originator license.
- (2) An applicant must complete at least twenty (20) hours in pre-licensing education courses that are approved by the nationwide database and includes the curriculum specified in Section 70D-3-301.
(3) In order to pass a written test an applicant must achieve a test score of not less than 75 percent correct answers on a written test meeting the standards described in Section 70D-3-302.
- (a) An individual who fails such a written test by scoring less than 75 percent correct may be retested up to three times provided each test is taken at least 30 days after the prior test.
- (b) An individual who fails all three retests must wait at least six months before taking the written test again.
- (c) A licensee who fails to maintain a valid license for a period longer than 5 years, excluding any time during which that individual is a "registered loan originator" as defined in Section 70D-3-102, must retake the written test and must achieve a score of not less than 75 percent correct in order to be eligible for license renewal.
(4) Continuing education is required for annual license renewal.
- (a) Annually, a licensee must complete at least eight (8) hours of continuing education courses that are approved by the nationwide database and include curriculum specified in Section 70D-3-303.
- (b) A licensee may receive credit for a course only during the year in which the course is taken. If a licensee repeats an approved course during the same or a successive year, the licensee may not receive continuing education credit for retaking the same course.
KEY: mortgage
Date of Last Change: December 22, 2009
Notice of Continuation: November 6, 2024
Authorizing, and Implemented or Interpreted Law: 70D-3-301; 70D-3-302; 70D-3-303