3 AAC 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.

Notes

3 AAC 14.212

Eff. 12/4/2010, Register 196

Authority:AS 06.60.040

AS 06.60.910