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§ 11-606.1. Written test requirements

West's Annotated Code of MarylandFinancial InstitutionsEffective: May 8, 2020

West's Annotated Code of Maryland
Financial Institutions
Title 11. Consumer Credit
Subtitle 6. Mortgage Loan Originators (Refs & Annos)
Effective: May 8, 2020
MD Code, Financial Institutions, § 11-606.1
§ 11-606.1. Written test requirements
In general
(a) To qualify for an initial license, an applicant shall pass a qualified written test developed by the Nationwide Mortgage Licensing System and Registry and administered by a test provider approved by the Nationwide Mortgage Licensing System and Registry.
Scope of written test
(b) A written test may 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:
(1) Ethics;
(2) Federal law and regulations relating to mortgage origination;
(3) State law and regulations relating to mortgage origination; and
(4) Federal and State law and regulations relating to fraud, consumer protection, the nontraditional mortgage product marketplace, and fair lending issues.
Passing score
(c) To pass a qualified written test, an applicant must receive a test score of at least 75 percent.
Number of times taking test
(d) An applicant may take a test three times, provided that each subsequent test occurs at least 30 days after the preceding test.
Failing scores on three tests
(e) After failing three tests, an applicant shall wait at least 6 months before taking the test again.
Failure to renew and maintain license for 5 years
(f)(1) A licensee who fails to renew and maintain a valid license for a period of 5 years or longer shall retake the test and achieve a passing grade as set forth in subsection (c) of this section before obtaining a new license.
(2) Calculation of the time period during which an individual is unlicensed under paragraph (1) of this subsection shall exclude any time during which the individual is a registered mortgage loan originator.
Tests provided at location of employer
(g) This section does not prohibit a test provider approved by the Nationwide Mortgage Licensing System and Registry from providing a test at the location of the employer of the applicant or any subsidiary or affiliate of the employer of the applicant, or any entity with which the applicant holds an exclusive arrangement to conduct the business of a mortgage loan originator.

Credits

Added by Acts 2009, c. 4, § 1, eff. July 1, 2009. Amended by Acts 2020, c. 628, § 1, eff. May 8, 2020.
MD Code, Financial Institutions, § 11-606.1, MD FIN INST § 11-606.1
Current through all legislation from the 2020 Regular Session of the General Assembly.
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