1.  The Commissioner shall provide for compliance managers’ examinations at such times and places as the Commissioner may direct, at least twice each year.

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2.  The examinations must be of a length, scope and character which the Commissioner deems reasonably necessary to determine the fitness of the applicants to act as compliance managers of collection agencies.

3.  If an applicant does not pass the examination, the applicant must reapply to take the examination and pay a reexamination fee of not more than $100 for each subsequent examination. The Commissioner shall adopt regulations establishing the amount of the reexamination fee required pursuant to this subsection.

4.  If the applicant and collection agency that employs or seeks to employ the applicant are both certified by a national association that is a nonprofit with expertise in the business of collections which the Commissioner determines proves the competence of the applicant, the Commissioner must waive the examination for the applicant.

5.  The Commissioner may make such rules and regulations as may be necessary to carry out the purposes of this section.