Oklahoma 2024 Regular Session

Oklahoma House Bill HB3464

Introduced
2/5/24  

Caption

Professions and occupations; Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act; definitions; exemptions; registry titles; mortgage lender license fee; examination fee; monetary damages; remote work; licensee employees; effective date.

Impact

This legislation is expected to strengthen oversight of mortgage brokers, lenders, and loan originators by revising the existing licensing framework. By adding definitions and clarifying regulatory responsibilities, the bill aims to ensure that all entities involved in mortgage services adhere to consistent standards, ultimately enhancing consumer protection. The bill also emphasizes the necessity for licensees to keep abreast of ongoing training and education, reinforcing accountability in the mortgage lending process.

Summary

House Bill 3464 aims to amend various provisions of the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act. The bill introduces changes that include new definitions, exemptions, and updates to the fees associated with mortgage lender licensing and examinations. Additionally, it incorporates provisions that facilitate remote work for licensee employees under specific conditions, addressing the evolving work landscape and the increasing demand for flexibility in the mortgage industry.

Contention

However, there are notable points of contention surrounding HB3464. Critics may argue that the implementation of remote working provisions, while progressive, could introduce regulatory challenges in monitoring and compliance for licensees operating outside traditional office environments. Additionally, financial impacts resulting from increased licensing fees could be a concern for small mortgage businesses, potentially stifling competition and affecting the affordability of mortgage services for consumers. The bill's amendments regarding monetary damages for fraud-related violations could also raise discussions about the adequacy of penalties against dishonest practices in the mortgage industry.

Companion Bills

No companion bills found.

Previously Filed As

OK HB1255

Mortgages; Oklahoma Mortgages Act of 2023; effective date.

OK HB1254

Mortgages; Oklahoma Mortgages Act of 2023; effective date.

OK HB1944

Mortgages; Oklahoma Mortgages Act of 2023; effective date.

OK HB2294

Professions and occupations; Bail Enforcement and Licensing Act; adding definition; effective date.

OK HB1074

Professions and occupations; Funeral Services Licensing Act; definition; exception; effective date.

OK HB2429

Professions and occupations; Fire Extinguisher Licensing Act; lowering age qualification; removing requirements for license application; modifying application for licensing; effective date.

OK SB636

Oklahoma Professional Employer Organization Recognition and Registration Act; expanding definitions. Effective date.

OK HB2333

Professional licensing; Oklahoma Massage Parlor Licensing Reform Act of 2023; effective date.

OK HB1442

Revenue and taxation; state licenses; providing for garnishment of wages; removing penalty for failure to pay licensing fees; effective date.

OK HB2240

Professions and occupations; Funeral Services Licensing Act; lowering age qualification for licensure; emergency.

Similar Bills

OK SB1492

Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act; authorizing certain licensees to work remotely under certain conditions. Effective date.

OK HB1883

Professions and occupations; mortgage broker annual fees; effective date.

OK SB1061

Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act; establishing certain license renewal fee. Effective date.

MS HB993

Mortgage brokers and lenders; authorize to perform organization activities at a remote location.

MS SB2508

Mortgage brokers and lenders; authorize to perform organization activities at a remote location.

KY HB643

AN ACT relating to the regulation of the mortgage loan industry.

TX HB10

Relating to the regulation of residential mortgage loan originators; providing a penalty.

WV SB613

WV Residential Mortgage Lender, Broker and Servicer Act