Section 3.14.212. Retakes of mortgage loan originator competency test.

	(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 attempt                              Fail           30 days
Second attempt (first retake)                Fail           30 days
Third attempt (second retake)                Fail           30 days
Fourth attempt (third retake)                Fail           180 days
Each further attempt                         Fail           30 days, except
                                                            180 days after
                                                            each fourth
                                                            attempt
	(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.  
	(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.  

Authorities

06.60.040;06.60.910

Notes

Authority

AS 06.60.040 AS 06.60.910

History

Eff. 12/4/2010, Register 196