"Error setting password." for Lotus Notes

I have used X1 for years and am simply trying to install it on my new laptop.

When I attempt to set my Lotus Notes password in X1 I get an error dialogue box: "Error setting password."

This happens whether I select "Select Databases and Folders To Scan" or "Set Password..."

Does anyone have any suggestions as to what I could try?

X1 ® Professional Client Version 6.7.3
(Build 4054dh) (Created: Fri May 13 13:48:00 PDT 2011)

Lotus Notes Release 8.5.1 SHF29
Revision 20101014.1307-T00029SHF (Release 8.5.1FP5 SHF29)
Standard Configuration

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