710 Ind. Admin. Code 4-8-2

Current through October 31, 2024

Section 710 IAC 4-8-2 - Examination for licensure

Authority: IC 23-19-6-5

Affected: IC 23-19

Sec. 2.

(a) Unless specifically exempt, as provided in subsection (e), an agent examination in the form and content prescribed or approved by the commissioner must be taken and passed by every agent in order to test his or her knowledge of the securities business and state securities laws before the applicant will be considered eligible for registration.

(b) The commissioner shall establish or approve the standards for a minimum acceptable passing grade in determining each applicant's qualifications for registration under this section.

(c) Upon failure to receive a minimum passing grade, the applicant may retake the examination on the next date available. In the event of a second failure or failure to take or retake the examination within a thirty (30) day period from the date the application was filed, this will be considered sufficient grounds for denial of the agent application and an order denying the registration may be entered by the commissioner. The applicant will be considered ineligible for licensing during a period of three (3) months, at which time a new application may be filed and his or her eligibility reexamined. The original filing fee shall not be refunded nor applied to subsequent applications for registration under this subsection.

(d) An application shall be deemed incomplete until there is a showing of compliance with the examination requirement or an exemption from those requirements.

(e) The examination requirements may be waived by a proper showing or certification that the applicant:

(1) is not to be actively engaged in the general sales of securities;

(2) has within the preceding two (2) years taken an examination in the form and content approved by the commissioner and has passed the examination with the minimum acceptable passing grade for agent applicants;

(3) has taken an examination in the form and content approved by the commissioner and, thereafter, prior to making the application, has remained continuously in the securities business, duly licensed by another state; or

(4) was properly registered as an agent within the two (2) years immediately preceding the date of application.

710 IAC 4-8-2

Securities Division; 710 IAC 4-8-2; filed Jun 28, 2010, 2:36 p.m.: 20100728-IR-710100044FRA

Readopted filed 5/12/2016, 1:47 p.m.: 20160608-IR-710160136RFA

Readopted filed 11/30/2022, 4:01 p.m.: 20221228-IR-710220301RFA