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Utah Administrative Code (Current through November 1, 2019) |
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R343. Financial Institutions, Nondepository Lenders |
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R343-7. Mortgage Loan Originator Education and Written Test Requirements |
| R343-7-1. Authority, Scope and Purpose |
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Latest version.
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(1) This rule is issued pursuant to Sections 70D-3-301, 70D-3-302 and 70D-3-303. (2) This rule applies to mortgage loan originators who are required to license with the department. (3) This rule establishes education and written test requirements. |
| R343-7-2. Education and Written Test Requirements |
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Latest version.
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(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. |