1. The commissioner may, by rule or order, impose an examination requirement upon:
(1) Any applicant applying for licensing under sections 409.850 to 409.863; or
(2) Any class of applicants.
2. Any examination required may be administered by the commissioner, or his designee. Examinations may be oral, written or both, and may differ for each class of applicants.
3. The commissioner may, by order, waive any examination requirement imposed pursuant to this section as to any applicant, if the commissioner determines that such examination is not necessary for the protection of investors.