P.R. Laws tit. 7, § 3055f
(a) In order to meet the written test requirements referred to in § 3055a of this title, the 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 aforementioned entity based upon reasonable standards.
(b) A written test shall be treated as a qualified written test provided that it adequately measures the applicant’s knowledge and comprehension in appropriate subject areas, including:
(1) Ethics;
(2) Federal law and regulations pertaining to residential mortgage origination;
(3) Puerto Rico law and regulations pertaining to residential mortgage origination;
(4) Federal and Puerto Rico law and regulations, including instruction on fraud, consumer protection, the nontraditional residential mortgage marketplace, and fair lending issues.
(c) Nothing in this section shall prevent an examination provider approved by the nationwide mortgage licensing system and registry from providing a test at the location of the employer of the applicant, the location of any subsidiary or affiliate of the employer of the applicant, or the location of any entity with which the applicant holds an exclusive arrangement to conduct the a mortgage loan originator business.
(d) Minimum competence:
(1) An applicant shall pass the qualified written test if he/she obtains a minimum of seventy-five percent (75%) of correct answers to the questions.
(2) An applicant may retake the test up to three (3) consecutive times, provided that least thirty (30) days elapsed between each preceding test.
(3) After failing three (3) consecutive tests, the applicant shall once again have to meet the requirements established in subsection (a) of § 3055e of this title, and wait at least six (6) months before retaking the test.
(e) A licensed mortgage loan originator who fails to maintain a valid license for a period of five (5) or more years shall retake the test, notwithstanding the time during which said individual has been a registered mortgage loan originator.
History —Dec. 30, 2010, No. 247, § 5.7, eff. 120 days after Dec. 30, 2010.