OK
Oklahoma House Bill HB3464

Oklahoma 2024 Regular Session

Oklahoma House Bill HB3464 Compare Versions

Only one version of the bill is available at this time.
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5353 STATE OF OKLAHOMA
5454
5555 2nd Session of the 59th Legislature (2024)
5656
5757 HOUSE BILL 3464 By: Moore
5858
5959
6060
6161
6262
6363 AS INTRODUCED
6464
6565 An Act relating to professions and occupations;
6666 amending 59 O.S. 2021, Sections 2095.2, 2095.3,
6767 2095.5, 2095.6, 2095.7, 2095.8, 2095.9, 2095.10,
6868 2095.11, 2095.11.1, 2095.12, 2095.12.1, 2095.13,
6969 2095.14, 2095.18, 2095.20, 2095.21, 2095.22, 2095. 23,
7070 2095.24, 2095.25, which relate to the Oklahoma Secure
7171 and Fair Enforcement for Mortgage Licensing Act;
7272 adding definitions; clarifying exemptions; changing
7373 certain registry titles; adding mortgage lender
7474 license and examination fee provisions; clarifying
7575 internal references; modifying monetary damages
7676 amounts; modifying examination fee provisions ;
7777 creating remote working provision s for licensee
7878 employees under certain conditions; providing for
7979 codification; and providing an effective date.
8080
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8585 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
8686 SECTION 1. AMENDATORY 59 O.S. 2 021, Section 2095.2, is
8787 amended to read as follows:
8888 Section 2095.2 As used in the Oklahoma Secure and Fair
8989 Enforcement for Mortgage Licensing Ac t:
9090 1. "Administrator" means the Administrator of Consumer Credit;
9191
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142142 2. "Affiliate" means an entity which directly or indirectly,
143143 through one or more in termediaries, controls, is controlled by or is
144144 under common control with the entity specified;
145145 3. "Borrower" means any individual who consults with or retains
146146 a mortgage broker or mortgag e loan originator in an effort to obtain
147147 or seek advice or informati on on obtaining or applyin g to obtain or
148148 modify a residential mortgage loan for himself, herself, or
149149 individuals including himse lf or herself, regardless of whether the
150150 individual actually obtains or modifies such a loan;
151151 4. "Branch office" means any location, other than a mortgage
152152 lender's or mortgage broker 's principal place of business or a
153153 remote location, where the licensee o r its employees or independent
154154 contractors maintain a physica l presence for the purpose of
155155 conducting mortgage business ;
156156 5. "Commission" means the Commission on Consumer Credit;
157157 5. 6. "Compensation" means anything of value or any ben efit
158158 including points, commissions, bonuses, referral fees and loan
159159 origination fees;
160160 6. 7. "Depository institution " has the same meaning as in
161161 Section 3 of the Federal Deposit Insu rance Act and includes any
162162 credit union;
163163 7. 8. "Entity" means a corporation, company, limited liability
164164 company, partnership or association;
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216216 8. 9. "Federal banking agencies" means the Board of Governors
217217 of the Federal Reserve System, the Comptroller of the cur rency, the
218218 Director of the Office of Thrift Supervision, the National Cred it
219219 Union Administration and the Federal Deposit Insurance Corporation;
220220 9. 10. "Immediate family member" means a spouse, child,
221221 sibling, parent, grandparent or grandchild and includes st epparents,
222222 stepchildren, stepsiblings and adoptive relationships;
223223 10. 11. "Individual" means a natural person and also includes a
224224 sole proprietorship;
225225 11. 12. a. "Loan processor or underwriter " means an entity
226226 or individual who performs support duties as an
227227 employee at the direction of an d subject to the
228228 supervision and instructi on of an entity or individual
229229 licensed or exempt from licensing as provided in
230230 Section 2095.3 of this title.
231231 b. For purposes of this parag raph, the term "clerical or
232232 support duties" may include subsequent to the re ceipt
233233 of an application, the receipt colle ction,
234234 distribution and analysis of information necessary for
235235 the processing or und erwriting or modification of a
236236 loan, to the extent that such communication does not
237237 include offering or n egotiating or modifying lo an
238238 rates or terms, or counseling consumers about
239239 residential mortgage loan rates or terms.
240240
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291291 c. An entity or individual engagin g solely in loan
292292 processor or underwriter activities sh all not
293293 represent to the public through advertisin g or other
294294 means of communicating or providing information,
295295 including the use of business cards, stationery,
296296 brochures, signs, rate lists or other prom otional
297297 items, that such entity or individual can or wi ll
298298 perform any of the activities of a mortgage bro ker or
299299 mortgage loan originator;
300300 12. 13. a. "Mortgage broker" means an entity who for
301301 compensation or gain or in the expectation of
302302 compensation or gain:
303303 (1) takes a residential mortgage loan application, or
304304 (2) offers, negotiates or modifies the terms of a
305305 residential mortgage loan , or
306306 (3) services a residential mortgage loan.
307307 b. Mortgage broker does not include:
308308 (1) an entity engaged solely as a loan processor or
309309 underwriter except as otherwise pro vided in
310310 Section 2095.5 of this title,
311311 (2) an entity that only performs real estate
312312 brokerage activities an d is licensed or
313313 registered in accordance with Oklahoma law,
314314 unless the entity is compensated by a lender, a
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366366 mortgage broker, or other mortgage loan
367367 originator or by any agent of such lender,
368368 mortgage broker or other mortgage loan
369369 originator, and
370370 (3) an entity solely involved in extensions of credit
371371 relating to timeshare plans, as that term is
372372 defined in 11 U.S.C., Section 101(53D) United
373373 States Code;
374374 13. 14. "Mortgage lender" means an entity that takes an
375375 application for a residential mortgage loan, makes a r esidential
376376 mortgage loan or services a residential mortgage loan and is an
377377 approved or authorized:
378378 a. mortgagee with direct endorsement underwritin g
379379 authority granted by the United States Department of
380380 Housing and Urban Development,
381381 b. seller or servicer o f the Federal National Mortgage
382382 Association or the Federal Home Loan Mortgage
383383 Corporation, or
384384 c. issuer for the Government National Mortgage
385385 Association;
386386 14. 15. a. "Mortgage loan originator " means an individual
387387 who for compensation or gain or in the expectati on of
388388 compensation or gain:
389389 (1) takes a residential mortgage loan application, or
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441441 (2) offers or negotiates or modifies the terms of a
442442 residential mortgage loan.
443443 b. Mortgage loan originator does not include:
444444 (1) an individual engaged solely as a loan proces sor
445445 or underwriter except as otherwise provided in
446446 Section 2095.5 of this title,
447447 (2) an individual that only performs real estate
448448 brokerage activities and is licensed or
449449 registered in accordance with Oklahoma law,
450450 unless the individual is compensated by a lender,
451451 a mortgage broker, or other mortgage loan
452452 originator or by any agent of such lender,
453453 mortgage broker, or other mortgage loan
454454 originator, and
455455 (3) an individual solely involved in extensions of
456456 credit relating to timeshare plans, as that term
457457 is defined in 11 U.S.C., Section 101(53D);
458458 15. 16. "Nationwide Mortgage Multistate Licensing System and
459459 Registry" means a mortgage licensing system develop ed and maintained
460460 by the Conference of State Bank Supervisors and the American
461461 Association of Residential Mortgage Regulat ors for the licensing and
462462 registration of licensed mortgage brokers and mortgage loan
463463 originators;
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515515 16. 17. "Nontraditional mortgage p roduct" means any mortgage
516516 product other than a thirty -year fixed rate mortgage;
517517 17. 18. "Real estate brokerage activity " means any activity
518518 that involves offering or providing real estate brokerage services
519519 to the public, including:
520520 a. acting as a real estate agent or real estate broker
521521 for a buyer, seller, lessor or lessee of real
522522 property,
523523 b. bringing together parties int erested in the sale,
524524 purchase, lease, rental or exchange of real property,
525525 c. negotiating, on behalf of any party, any portion of a
526526 contract relating to the sale, purchase, lease, rental
527527 or exchange of real property, other than in connection
528528 with providing financing with respect to any suc h
529529 transaction,
530530 d. engaging in any activity for which an entity engaged
531531 in the activity is required t o be registered or
532532 licensed as a real estate agent or real estate broker
533533 under any applicable law, and
534534 e. offering to engage in any activity or act in any
535535 capacity, described in this paragraph;
536536 18. 19. "Registered mortgage loan originator " means any
537537 individual who:
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589589 a. meets the definition of mortgage loan originator and
590590 is an employee of:
591591 (1) a depository institution,
592592 (2) a subsidiary that:
593593 (a) is owned and controlled by a depository
594594 institution, and
595595 (b) is regulated by a federal banking agency, or
596596 (3) an institution regulated by the Farm Credit
597597 Administration, and
598598 b. is registered with and maintains a unique identifier
599599 through, the Nationwide Mortgage Multistate Licensing
600600 System and Registry;
601601 20. "Remote location" means a location, other than the
602602 principal place of business or a br anch office, at which the
603603 employees or independent contractors of a licensee may conduct
604604 mortgage business. Licensable activities from a remote location
605605 shall be permitted when conducted under the supervision of the
606606 licensee and when all requirements in S ection 22 of this act are
607607 satisfied;
608608 19. 21. "Residential mortgage loan " means any loan primarily
609609 for personal, family or household use that is secured by a mortgage,
610610 deed of trust, or other equivalent consensual security intere st on a
611611 dwelling as defined in Section 103(v) of the Truth in Lending Act or
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663663 residential real estate upon which is c onstructed or intended to be
664664 constructed such a dwelling;
665665 20. 22. "Residential real estate " means any real property
666666 located in this state u pon which is constructed or intended to be
667667 constructed a dwelling as defined in paragraph 21 of this section;
668668 and
669669 23. "Servicing" means the administration of a residential
670670 mortgage loan following the closing of such a loan. An entity shall
671671 be deemed to be servicing if they either hold the servicing rights,
672672 or engage in any activities determined to be servicing, includi ng:
673673 a. collection of monthly mortgage payments ,
674674 b. the administration of escrow accounts ,
675675 c. the processing of borrower inquiries and reque sts, and
676676 d. default management; and
677677 21. 24. "Unique identifier" means a number or other identifier
678678 assigned by protocols established by the Nationwide Mortgage
679679 Multistate Licensing System and Registry.
680680 SECTION 2. AMENDATORY 59 O.S. 2021, Section 2095.3 , is
681681 amended to read as follows:
682682 Section 2095.3 The following are exempt from all provisions of
683683 the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act:
684684 1. Registered mortgage loan originators, when acting for an
685685 entity described in divisions (1), (2) and (3) of su bparagraph a of
686686 paragraph 18 19 of Section 2095.2 of this title;
687687
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738738 2. An individual who offers or negotiates or modifies terms of
739739 a residential mortgage loan with or on behalf of an immediate family
740740 member of the individual;
741741 3. An individual who offers or neg otiates or modifies terms of
742742 a residential mortgage loan secured by a dwelling that served as the
743743 individual's residence;
744744 4. A licensed attorney who negotiates or modifies the terms of
745745 a residential mortgage loan on behalf of a client as an ancillary
746746 matter to the attorney's representation of the client, unless the
747747 attorney is compensated by a lender, a mortgage broker or other
748748 mortgage loan originator or by any agent of such lender, mortgage
749749 broker, or other mortgage loan originator;
750750 5. Entities describ ed in divisions (1), (2) and (3) of
751751 subparagraph a of paragraph 18 19 of Section 2095.2 of this title;
752752 or
753753 6. Any entity that is an organization recognized by the
754754 Internal Revenue Service as a 501(c)(3) charitable entity that meets
755755 the conditions set forth in (B) through (F) of subparagraph (ii),
756756 paragraph (7), subsection ( e) of Section 1008.103 of Title 12 of the
757757 Code of Federal Regulations.
758758 SECTION 3. AMENDATORY 59 O.S. 2021, Sectio n 2095.5, is
759759 amended to read as follows:
760760 Section 2095.5 A. 1. An entity or individual, unless
761761 specifically exempte d from the Oklahoma Secure and Fair Enforcement
762762
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813813 for Mortgage Licensing Act, as provided i n Section 2095.3 of this
814814 title, shall not engage i n the business of a mortgage broker,
815815 mortgage lender or mortgage loan originator with respect to any
816816 dwelling located in this state without first obtaining and
817817 maintaining annually a license under the Oklah oma Secure and Fair
818818 Enforcement for Mortgage Licen sing Act. Each licensed mortgage
819819 broker, mortgage lender and mortgage loan originator must register
820820 with and maintain a valid unique identifier issued by the Nationwide
821821 Mortgage Multistate Licensing System and Registry.
822822 2. In order to facilitate an order ly transition to licensing
823823 and minimize disruption in the mortgage marketplace, the effective
824824 date for licensing all entities and individuals as provided in this
825825 subsection, including those currently licens ed as mortgage brokers
826826 or mortgage loan originator s, shall be July 31, 2010, or such later
827827 date approved by the Secretary of the U.S. Department of Housing and
828828 Urban Development, pursuant to the authority granted under 12
829829 U.S.C., Section 5107.
830830 B. A loan processor or underwriter who is an independent
831831 contractor may not engage in the activities of a loan processor or
832832 underwriter unless such independent contractor loan pr ocessor or
833833 underwriter obtains and maintains a license as required by the
834834 Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act.
835835 Each independent contractor loan processor or underwriter licensed
836836 as a mortgage broker or mortgage loan originator must have and
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888888 maintain a valid unique identifier issued by the Nationwide Mortgage
889889 Multistate Licensing System and R egistry.
890890 C. For the purposes of implementing an orderly and efficient
891891 licensing process, the Administrator of Consumer Credit may
892892 establish licensing rules, upon approval by the Commission, and the
893893 Administrator may establish in terim procedures for licens ing and
894894 acceptance of applications. For previously registered or licensed
895895 entities or individuals, the Administrator may establish expedite d
896896 review and licensing procedures.
897897 SECTION 4. AMENDATORY 59 O.S. 2021, Section 2095.6, is
898898 amended to read as foll ows:
899899 Section 2095.6 A. Applicants for a license shall apply on a
900900 form as prescribed by the Administrator of Consumer Credit.
901901 B. In order to fulfill the purposes of the Oklahoma Secure and
902902 Fair Enforcement for Mortgage Licensing Act, the Administrator is
903903 authorized to establish relationships or contracts with the
904904 Nationwide Mortgage Multistate Licensing System and Regi stry or
905905 other entities designated by the Nationwide Mortgage Multistate
906906 Licensing System and Registry to coll ect and maintain records and
907907 process transaction fees or other fees related to licensees or other
908908 entities or individuals subject to the Oklahoma S ecure and Fair
909909 Enforcement for Mortgage Licensing Act.
910910 C. In connection with an application for licensing as a
911911 mortgage loan originator, t he applicant shall, at a minimum, furnish
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963963 to the Nationwide Mortgage Multistate Licensing System and Registry
964964 information concerning the applicant's identity including:
965965 1. Fingerprints for submission to the Federal Bureau of
966966 Investigation and any governmental agency or entity authorized to
967967 receive such information for a state, national and international
968968 criminal history background check; and
969969 2. Personal history and experience in a form prescribed by the
970970 Nationwide Mortgage Multistate Licensing System and Registry and the
971971 Administrator to obtain:
972972 a. an independent credit report obtained from a consumer
973973 reporting agency defined in 15 U.S.C., Section
974974 1681a(p), and
975975 b. information related to any administrative, civil or
976976 criminal findings by any governmental jurisdiction.
977977 D. In connection with an application for licensing as a
978978 mortgage broker or mortgage lender, the applicant shall, at a
979979 minimum, furnish to the Nationwide Mortgage Multistate Licensing
980980 System and Registry information con cerning each owner, office r,
981981 director or partner, as applicable including:
982982 1. Fingerprints for submission to the Federal Bureau of
983983 Investigation and any governmental agency or entity authorized to
984984 receive such information for a state, national and interna tional
985985 criminal history background check; and
986986
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10371037 2. Personal history and experience in a form prescribed by the
10381038 Nationwide Mortgage Multistate Licensing System and Registry and the
10391039 Administrator to obtain:
10401040 a. an independent credit report obtained from a cons umer
10411041 reporting agency desc ribed in 15 U.S.C., Section
10421042 1681a(p), and
10431043 b. information related to any administrative, civil or
10441044 criminal findings by any governmental jurisdiction.
10451045 E. For purposes of this section and in order to reduce points
10461046 of contact which the Federal Bureau of Inves tigation may have to
10471047 maintain for purposes of pa ragraph 1 and subparagraph b of paragraph
10481048 2 of subsection D of this s ection, the Administrator may use the
10491049 Nationwide Mortgage Multistate Licensing System and Registry as a
10501050 channeling agent for requesting inf ormation from and distrib uting
10511051 information to the Departmen t of Justice or any governmental agency.
10521052 F. For the purposes of this section and in order to reduce the
10531053 points of contact which the Administrator may have to maintain for
10541054 purposes of subparagraphs a and b of paragraph 2 o f subsection D of
10551055 this section, the Administrator may use the Nationwide Mortgage
10561056 Multistate Licensing System and Registry as a channeling agent for
10571057 requesting and distributing information to and from any source so
10581058 directed by the Administrator.
10591059 G. A license issued under the Oklahoma Secure and Fair
10601060 Enforcement for Mortgage Licensing Act shall be valid for a period
10611061
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11121112 of one (1) year, unless otherwise revoked or suspended by the
11131113 Administrator as provided in the Oklahoma Secure and Fai r
11141114 Enforcement for Mortgage Licensing Act.
11151115 H. The Administrator, on de termining that the applicant is
11161116 qualified and upon payment of the fees by the applicant, shall issue
11171117 a license to the applicant. An applicant who has been den ied a
11181118 license may not reapp ly for the license for sixty (60) da ys from the
11191119 date of the previous a pplication. A new license issued on or after
11201120 November 1 shall be effective through December 31 of the following
11211121 calendar year.
11221122 I. A licensee shall pay the re newal fee on or before Dece mber
11231123 1. If the license is not renew ed by December 1, the licensee sha ll
11241124 pay a late renewal fee as prescribed by rul e of the Commission on
11251125 Consumer Credit. Licenses not renewed by December 31 shall expire
11261126 and the licensee shall not act as a mortgage broke r, mortgage lender
11271127 or mortgage loan originator until a new license is issued pursuant
11281128 to the Oklahoma Secure and Fai r Enforcement for Mortgage Licensing
11291129 Act. A license shall not be granted to the holder of an expired
11301130 license except as provided in the Okla homa Secure and Fair
11311131 Enforcement for Mortgage Licensing Act for the is suance of an
11321132 original license.
11331133 J. A licensee shall prominently display the mortgage broker,
11341134 mortgage lender or mortgage loan originator license in the office
11351135 principal place of business of the mortgage broker, mortgage lender
11361136
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11871187 or mortgage loan origin ator and any branch office of the mortgage
11881188 broker or mortgage lender.
11891189 K. 1. Initial and renewal license fees shall be as prescribed
11901190 by rule of the Commission on Co nsumer Credit An applicant for a
11911191 Mortgage Broker or Mortgage Lender license shall pay a fee of Five
11921192 Thousand Dollars ($5,000.00). This fee shall cover the application
11931193 fee and examination fee for all registered locations, including any
11941194 changes of address.
11951195 2. Mortgage Broker or Mort gage Lender licenses may be renewed
11961196 by submitting an annual assessment fee. The annual assessment fee
11971197 shall:
11981198 a. be based on the dollar volume of loans originated for
11991199 residential real property located in Oklahoma during
12001200 the twelve-month period ending on Jun e 30,
12011201 b. be based on the dollar volume of loans serviced for
12021202 residential real property located in Oklahoma as
12031203 reported on the Q2 mortgage call report for period
12041204 ending on June 30,
12051205 c. be determined by applying a factor of one h undredth of
12061206 one percent (0.01%) to the dollar volume of loans
12071207 originated and the dollar volume of loans serviced in
12081208 Oklahoma, and
12091209 d. cover:
12101210
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12611261 (1) the renewal fee for the principal office and any
12621262 branches,
12631263 (2) any examination-related costs incurred by the
12641264 Department.
12651265 3. Beginning November 1, 2024, the annual assessment fee shall
12661266 not be:
12671267 a. less than One Thousand Dollars ($1,000.00), or
12681268 b. more than Seventy-five Thousand Dollars ($75,000.00)
12691269 for the portion of the assessment calculated according
12701270 to subparagraph a of par agraph 2 of subsecti on K of
12711271 this section, and
12721272 c. more than Fifteen Thousand Dollars ( $15,000.00) for
12731273 the portion of the assessment calculated according to
12741274 subparagraph b of paragraph 2 of subsection K of this
12751275 section.
12761276 4. Beginning November 1, 2025, the ann ual assessment fee shall
12771277 not be:
12781278 a. less than One Thousand Dollars ( $1,000.00), or
12791279 b. more than Fifty-five Thousand Dollars ( $55,000.00) for
12801280 the portion of the assessment calculated according to
12811281 subparagraph a of paragraph 2 of subsection K of this
12821282 section, and
12831283 c. more than Twenty-five Thousand Dollars ( $25,000.00)
12841284 for the portion of the assessment calculated according
12851285
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13361336 to subparagraph b of paragraph 2 of subsection K of
13371337 this section.
13381338 5. Beginning November 1, 2026 and thereafter, the annual
13391339 assessment fee shall not be:
13401340 a. Less than One Thousand Dollars ( $1,000.00), or
13411341 b. more than Fifty Thousand Dollars ( $50,000.00) for the
13421342 portion of the assessment ca lculated according to
13431343 subparagraph a of paragraph 2 of subsection K of this
13441344 section, and
13451345 c. more than Thirty-seven Thousand Five Hundred Dollars
13461346 ($37,500.00) for the portion of the assessment
13471347 calculated according to subparagraph b of paragraph 2
13481348 of subsection K of this section.
13491349 2. 6. A late renewal fee shall be as prescribed by rule of the
13501350 Commission on Consumer Credit.
13511351 3. 7. Branch office fees offices shall be as prescribed by rule
13521352 of the Commission on Consumer Credit for each year be registered
13531353 with the Department and shall be accompanied by an initial
13541354 registration fee of One Hundred Fifty Dollars ($150.00).
13551355 4. 8. A fee as prescribed by rule of the Commission on Consumer
13561356 Credit shall be charged for each license change, duplicate license
13571357 or returned check.
13581358 5. 9. A fee as prescribed by rule of the Commission on Consumer
13591359 Credit shall be paid by applicants and licensees into the O klahoma
13601360
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14111411 Mortgage Broker and Mortgage Loan Originator Recovery Fund as
14121412 provided for in Section 2095.20 of this title for e ach initial
14131413 application and each renewal application.
14141414 6. An examination fee shall be as prescribed by rule of the
14151415 Commission on Consum er Credit 10. Each additional trade name used
14161416 by a licensee shall be registered with the Departmen t and shall be
14171417 accompanied by an initial registration fee of One Hundred Fifty
14181418 Dollars ($150.00).
14191419 7. An application fee shall be as prescribed by rule of th e
14201420 Commission on Consumer Credit 11. The Administrator may reinstate a
14211421 license within thirty -one (31) days of the expiration of t he license
14221422 if the licensee pays the assessment fee and a reinstatement fee of
14231423 Five Hundred Dollars ($500.00). A licensee shall not be reinstated
14241424 when the renewal application, fees, or any required information is
14251425 received on or after February 1 of the foll owing year that the
14261426 renewal application was due.
14271427 12. The Administrator of Consumer Credit may reduce annual
14281428 assessment fees on a pro rata basis for a specific renewal period by
14291429 reducing the factor applied to the dollar volume of loans originated
14301430 and serviced. The Administrator shall notify licensees of an annual
14311431 assessment fee reduction prior to November 1 of the specific licens e
14321432 renewal period. An annual assessment fee does not include an
14331433 initial license fee for purpose s of this subsection .
14341434
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14851485 L. 1. An applicant for an initial mortgage loan originator
14861486 license shall pay a fee of Four Hundred Fifty Dollars ($450.00).
14871487 2. An applicant renewing a mortgage loan originator license
14881488 shall pay a fee of Two Hundred Fifty Dollars ($250.00).
14891489 3. A late renewal fee sh all be as prescribed by rule of the
14901490 Commission on Consumer Credit.
14911491 4. A fee as prescribed by rule of the Commission on Consume r
14921492 Credit shall be paid by applicants and licensees into the Oklahoma
14931493 Mortgage Broker and Mortgage Loan Originator Recovery Fund as
14941494 provided for in Section 2095.20 of this title for each initial
14951495 application and each renewal application .
14961496 SECTION 5. AMENDATORY 59 O.S. 2021, Section 2095.7, is
14971497 amended to read as fo llows:
14981498 Section 2095.7 A. The Administrator of Consumer Credit shall
14991499 not issue a mortgage loan originator license unless the
15001500 Administrator makes at a minimu m the following findings:
15011501 1. The applicant has never had a mortgage loan originator
15021502 license revoked in any governmental jurisdiction, except that a
15031503 subsequent formal vacation of such revocation shall not be deemed a
15041504 revocation;
15051505 2. The applicant has not b een convicted of, or pled guilty or
15061506 nolo contendere to a felony crime that substantially relates to the
15071507 occupation of a mortgage loan originator a nd poses a reasonable
15081508 threat to public safety in a domestic, foreign or military court:
15091509
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15601560 a. during the seven-year period preceding the date of the
15611561 application for licensing and registration, or
15621562 b. at any time preceding such date of application, if
15631563 such felony involved an act of fraud, dishonesty, a
15641564 breach of trust or money laundering.
15651565 Provided, that any pardon of a conviction shall not be a
15661566 conviction for purposes of this paragraph;
15671567 3. The applicant has demonstrated financial responsibility and
15681568 general fitness such as to command the confidence of the community
15691569 and to warrant a determination that the mortgage loan o riginator
15701570 will operate honestly, fairly and efficiently within the purposes of
15711571 the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act .
15721572 For purposes of this paragraph, an individual has shown that he or
15731573 she is not financially responsible when he or she has shown a
15741574 disregard in the management of his or her own financial condition.
15751575 A determination that an individual has not shown financi al
15761576 responsibility may include, but not be limited to:
15771577 a. current outstanding judgments, except judgments solel y
15781578 as a result of medical expenses,
15791579 b. current outstanding tax liens or other government
15801580 liens and filings,
15811581 c. foreclosures within the past three ( 3) years, or
15821582 d. pattern of seriously delinquent accounts within the
15831583 past three (3) years;
15841584
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16351635 4. The applicant ha s completed the prelicensing education
16361636 requirement described in Section 2095.8 of this title;
16371637 5. The applicant has passed a written test that mee ts the test
16381638 requirement described in Section 2095.9 of this title;
16391639 6. The applicant has paid into the Oklahom a Mortgage Broker and
16401640 Mortgage Loan Originator Recovery Fund as required by paragraph 5 7
16411641 of subsection K of Section 2095.6 of this title; and
16421642 7. The applicant is sponsored by a licensed mortgage broker or
16431643 mortgage lender. The Administrator of Consumer C redit may authorize
16441644 an entity exempt from the requirements of this act to sponsor an
16451645 applicant that is an independent contractor of the exempt ent ity.
16461646 The Administrator of Consumer Credit may promulgate administrative
16471647 rules, subject to approval of the Com mission on Consumer Credit, to
16481648 implement sponsorship procedures and requirements.
16491649 B. As used in this section:
16501650 1. "Substantially relates " means the nature of criminal conduct
16511651 for which the person was convicted has a direct bearing on the
16521652 fitness or ability to perform one or more of the duties or
16531653 responsibilities necessarily related to the occupation; and
16541654 2. "Poses a reasonable threat " means the nature of criminal
16551655 conduct for which the person was convicted involved an act or threat
16561656 of harm against another and has a bearing on the fitness or ability
16571657 to serve the public or work with others in the occupation.
16581658
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17091709 SECTION 6. AMENDATORY 59 O.S. 2021, Section 2095.8, is
17101710 amended to read as follows:
17111711 Section 2095.8 A. In order to meet the prelicensing education
17121712 requirement referred to in Section 2095.7 of this title, an
17131713 individual shall complete at least twenty (20) hours of education
17141714 approved in accordance with subsection B of this section, which
17151715 shall include at least:
17161716 1. Three (3) hours of federal law and regulations;
17171717 2. Three (3) hours of ethics, which shall include instruction
17181718 on fraud, consumer protection and fair lending issues ;
17191719 3. Two (2) hours of training related to lending standards for
17201720 the nontraditional mortgage produ ct marketplace; and
17211721 4. One (1) hour of Oklahoma law and regulations.
17221722 B. For purposes of subsection A of this section, prelicensing
17231723 education courses shall b e reviewed and approved by the Nationwide
17241724 Mortgage Multistate Licensing System and Registry based upon
17251725 reasonable standards. R eview and approval of a prelicensing
17261726 education course shall include review and approval of the course
17271727 provider.
17281728 C. Nothing in this section shall preclude any prelicensing
17291729 education course as approved by the Nationwide Mortgage Multistate
17301730 Licensing System and Registry that is provided by the employer of
17311731 the applicant or an entity which is affiliated with the applicant by
17321732
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17831783 an agency contract or any subsidiary or affiliate of such employer
17841784 or entity.
17851785 D. Prelicensing education may be offered either in a classr oom,
17861786 online or by any other means approved by the Nationwide Mortgage
17871787 Multistate Licensing System and Registry.
17881788 E. The prelicensing education requirements approved by the
17891789 Nationwide Mortgage Multistate Licensing System and Reg istry in
17901790 paragraph 1 of subse ction A and subsections B and C of this section
17911791 for any state shall be accepted as credit towards completion of
17921792 prelicensing education requirements in this state.
17931793 F. An individual previously licensed pursuant to the Oklahoma
17941794 Secure and Fair Enforcement for Mortgage Licensing Act, subsequent
17951795 to July 1, 2009, and applying to be licensed again, must prove
17961796 completion of all of the cont inuing education requirements for the
17971797 year in which the li cense was last held.
17981798 SECTION 7. AMENDATORY 59 O.S. 2021, Section 2095.9, is
17991799 amended to read as follows:
18001800 Section 2095.9 A. In order to meet the written test
18011801 requirement referred to in Section 10 2095.7 of this act title, an
18021802 individual shall pass, in accordance with standards established
18031803 under this section, a qualified written test developed by th e
18041804 Nationwide Mortgage Multistate Licensing System and Registry and
18051805 administered by a test provider approved by the Nationwide Mortgage
18061806
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18571857 Multistate Licensing System and Registry based upon reasonable
18581858 standards.
18591859 B. A written test shall not be treated as a qualified written
18601860 test for purposes of subsectio n A of this section unless the te st
18611861 adequately measures the applicant's knowledge and comprehension in
18621862 appropriate subject areas, including:
18631863 1. Ethics;
18641864 2. Federal law and regulations pertaining to mortgage
18651865 origination;
18661866 3. State law and regulation pertai ning to mortgage origination;
18671867 and
18681868 4. Federal and state law and regulation, including instruction
18691869 on fraud, consumer protection, the nontraditional mortgage
18701870 marketplace and fair lending issues.
18711871 C. Nothing in this section shall pro hibit a test provider
18721872 approved by the Nationwide Mortgage Multistate Licensing System and
18731873 Registry from providing a test at the location of the employer of
18741874 the applicant or the location of any subsidiary or affiliate of the
18751875 employer of the applicant or the location of any entity with which
18761876 the applicant holds an exclusive arrangement to conduct the business
18771877 of a mortgage loan originator.
18781878 D. 1. An individual shall not be considered to h ave passed a
18791879 qualified written test unless the individual achieves a tes t score
18801880
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19311931 of not less than seventy-five percent (75%) corre ct answers to
19321932 questions.
19331933 2. An individual may retake a test three consecutive times with
19341934 each consecutive taking occurring at least thirty (30) days after
19351935 the preceding test.
19361936 3. After failing three consecutive tests, an individual shall
19371937 wait at least six (6) months before taking the test again.
19381938 4. A licensed mortgage loan originator who fails to maintain an
19391939 active and valid lic ense for a period of five (5) years or longer
19401940 shall retake the test, not taking into account any time during which
19411941 such individual is a registered mortgage loan originator.
19421942 SECTION 8. AMENDATORY 59 O.S. 2021, Section 2095.10, is
19431943 amended to read as follows:
19441944 Section 2095.10 A. The minimum standards for license renewal
19451945 for mortgage loan originators shall inc lude the following:
19461946 1. The mortgage loan originator continue s to meet the minimum
19471947 standards for license issuance under Section 10 2095.7 of this act
19481948 title;
19491949 2. The mortgage loan originator has satisfied the annual
19501950 continuing education requirements describ ed in Section 24 2095.21 of
19511951 this act title; and
19521952 3. The mortgage loan originator has paid all required fees fo r
19531953 renewal of the license.
19541954
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20052005 B. The license of a mortgage loan originator failing to satisfy
20062006 the minimum standards for license renewal shall expire. The
20072007 Administrator of Consumer Credit may adopt procedures i n addition to
20082008 the requirements of Section 9 2095.6 of this act title for the
20092009 reinstatement of expired licenses consistent with the standards
20102010 established by the Nationwide Mortgage Multistate Licensing System
20112011 and Registry.
20122012 SECTION 9. AMENDATORY 59 O.S. 2021, Section 2095.11, is
20132013 amended to read as follows:
20142014 Section 2095.11 A. The Administrator of Consumer Credit shall
20152015 not issue a mortgage broke r license unless the Administ rator makes
20162016 at a minimum the following findings:
20172017 1. The applicant or any owner, officer, director or partner has
20182018 never had a mortgage broker or mortgage loan origin ator license
20192019 revoked in any governmental jurisdiction, except that a subsequent
20202020 formal vacation of such revocation shall not be deemed a revocation;
20212021 2. Any owner, officer, director or partner of the applicant has
20222022 not been convicted of, or pled guilty or n olo contendere to, a
20232023 felony crime that substantially relates t o the occupation of a
20242024 mortgage broker and poses a reasonable threat to public safety in a
20252025 domestic, foreign or military court:
20262026 a. during the seven-year period preceding the date of the
20272027 application for licensing and registration, or
20282028
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20792079 b. at any time preceding such date of application, if
20802080 such felony involved an act of fraud, dishonesty, a
20812081 breach of trust or money laundering.
20822082 Provided, that any pardon of a convic tion shall not be a
20832083 conviction for purposes of this paragraph;
20842084 3. The applicant's owners, officers, directors or partners have
20852085 demonstrated financial responsibility and general fitness such as to
20862086 command the confidence of the community and to warrant a
20872087 determination that the mortgage broker w ill operate honestly, fairly
20882088 and efficiently within the purpos es of this act. For purposes of
20892089 this paragraph, an applicant's owners, officers, directors or
20902090 partners have shown they are not financially responsible when they
20912091 have shown a disregard in the ma nagement of their own financial
20922092 condition. A determination th at an owner, officer, directo r or
20932093 partner has not shown financial responsibility may include, but not
20942094 be limited to:
20952095 a. current outstanding judgments, excep t judgments solely
20962096 as a result of medical expenses,
20972097 b. current outstanding tax liens or other govern ment
20982098 liens and filings,
20992099 c. foreclosures within the past three (3) years, or
21002100 d. a pattern of seriously delinquent accounts within the
21012101 past three (3) years;
21022102
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21532153 4. The applicant has paid into the Okl ahoma Mortgage Broker and
21542154 Mortgage Loan Originator Recovery Fu nd as required by paragraph 5 7
21552155 of subsection K of Section 2095.6 of this title; and
21562156 5. The applicant has paid all required fees for issuance of the
21572157 license.
21582158 B. Each mortgage broker applicant shall designate and maintain
21592159 a principal place of business for the transaction of business. The
21602160 applicant shall specify the address of the principal place of
21612161 business and designate a licensed mortgage loan originator to
21622162 oversee the operations of the princ ipal place of business. If an
21632163 applicant wishes to maintain on e or more locations branch offices
21642164 for the transaction of business in addition to a principa l place of
21652165 business, the applicant shall first obtain a register the branch
21662166 office license from location with the Administrator and designate a
21672167 licensed mortgage lo an originator for each branch office to oversee
21682168 the operations of that branch office. The applicant shall submit a
21692169 fee as set forth in paragraph 3 5 of subsection K of Section 2095.6
21702170 of this title for each branch office license issued. If the
21712171 Administrator of Consumer Credit determi nes that the applicant is
21722172 qualified, the Administrator shall issue a branch office license
21732173 indicating the address of the branch office registered. If the
21742174 address of the principal place of business or of any branch office
21752175 is changed, the licensee shall imm ediately notify the Administrator
21762176 of the change and the Administrator s hall endorse the change of
21772177
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22282228 address on the license for a fee as prescribed in paragraph 4 6 of
22292229 subsection K of Section 2095.6 of this title.
22302230 C. As used in this section:
22312231 1. "Substantially relates" means the nature of criminal conduct
22322232 for which the person was convicted has a direct bearing on the
22332233 fitness or ability to perform one or more of the duti es or
22342234 responsibilities necessarily related to the occupation; and
22352235 2. "Poses a reasonable t hreat" means the nature of criminal
22362236 conduct for which the person was conv icted involved an act or threat
22372237 of harm against another and has a bearing on the fitness or ability
22382238 to serve the public or work with others in the occupat ion.
22392239 SECTION 10. AMENDATORY 59 O.S. 2021, Section 2095.1 1.1,
22402240 is amended to read as follows:
22412241 Section 2095.11.1 The Administrator of Consumer Credit shall
22422242 not issue a mortgage lender license unless the Administrator makes
22432243 at a minimum the following findings:
22442244 1. The applicant or any owner, officer, director or partner has
22452245 never had a mortgage lender, mortgage broker or mortgage loan
22462246 originator license revoked in any governmental jurisdiction, except
22472247 that a subsequent formal vacation of such revocation shall not be
22482248 deemed a revocation;
22492249 2. Any owner, officer, director or partner of the applicant has
22502250 not been convicted of, or pled guilty or nolo contendere to, a
22512251 felony crime that substantially relates to the occupation of a
22522252
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23032303 mortgage lender and poses a reasonable th reat to public safety in a
23042304 domestic, foreign or military court:
23052305 a. during the seven-year period preceding the date of the
23062306 application for licensing and registration, or
23072307 b. at any time preceding such date of application, if
23082308 such felony involved an act of fr aud, dishonesty, a
23092309 breach of trust or money laundering.
23102310 Provided, that any pardon of a conviction shall not be a
23112311 conviction for purposes of this paragraph;
23122312 3. The applicant and the applicant 's owners, officers,
23132313 directors or partners have demonstrated fina ncial responsibility and
23142314 general fitness such as to command the confidence of the community
23152315 and to warrant a determination that the mortgage lender will operate
23162316 honestly, fairly and efficiently within the purposes of this act.
23172317 For purposes of this paragra ph, an applicant's owners, officers,
23182318 directors or partners have shown they are not financially
23192319 responsible when they have shown a disregard in the management of
23202320 their own financial condition. A determination that an owner,
23212321 officer, director or partner has not shown financial responsibility
23222322 may include, but not be limited to:
23232323 a. current outstanding judgments, except judgments sole ly
23242324 as a result of medical expenses,
23252325 b. current outstanding tax liens or other government
23262326 liens and filings,
23272327
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23782378 c. foreclosures within the past three (3) years, or
23792379 d. a pattern of seriously delinquent accounts within the
23802380 past three (3) years;
23812381 4. The applicant has filed a bond in the amount of One Hundred
23822382 Thousand Dollars ($100,000.00) securing the applicant 's or
23832383 licensee's faithful performance of all duties and obligations of a
23842384 licensee. The bond shall meet the following requirements:
23852385 a. the bond shall be in a form acceptable to the
23862386 Administrator,
23872387 b. the bond shall be issued by an insurance company
23882388 authorized to conduct business in the State of
23892389 Oklahoma,
23902390 c. the bond shall be payable to the Oklahoma Department
23912391 of Consumer Credit,
23922392 d. the bond is continuous in na ture and shall be
23932393 maintained at all times as a condition of licensure,
23942394 e. the bond may not be terminat ed without thirty (30)
23952395 days prior written notice to the Administrator and
23962396 approval of the Administrator,
23972397 f. the bond shall be available for the recovery o f
23982398 expenses, civil penalties and fees assessed pursuant
23992399 to the Oklahoma Secure and Fair Enforcement for
24002400 Mortgage Licensing Act and for losses or damages which
24012401 are determined by the Administrator to have been
24022402
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24532453 incurred by any borrower or consumer as a result of
24542454 the applicant's or licensee's failure to comply with
24552455 the requirements of the Oklahoma Secure and Fa ir
24562456 Enforcement for Mortgage Licensing Act,
24572457 g. when an action is commenced on a licensee 's bond, the
24582458 Administrator may require the filing of a new bond,
24592459 and
24602460 h. whenever the principal sum of the bond is reduced by
24612461 one or more recoveries or payments thereon, the
24622462 licensee shall furnish a new or additional bond so
24632463 that the total or aggregate principal sum of such bond
24642464 or such bonds shall equal One Hundred Thousa nd Dollars
24652465 ($100,000.00) or shall furnish an endorsement duly
24662466 executed by the corporate surety reinsta ting the bond
24672467 to the required principal sum;
24682468 5. The applicant has a net worth of at least Twenty -five
24692469 Thousand Dollars ($25,000.00) as reflected by an au dited financial
24702470 statement prepared by a certified public accountant in accordance
24712471 with generally accep ted accounting principles t hat is accompanied by
24722472 an opinion acceptable to the Administrator and is dated within
24732473 fifteen (15) months of the date of applica tion;
24742474 6. The applicant has paid all required fees for issuance of the
24752475 license. The license fees for a mortgage lender shall be in the
24762476 same amount as license fees applicable to a mortgage broker;
24772477
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25282528 7. Each mortgage lender applicant shall designate and main tain
25292529 a principal place of business for the transaction of business. If
25302530 the mortgage lender applicant engages in activity that sa tisfies the
25312531 definition of a mortgage broker, the mortgage lender shall designate
25322532 a licensed mortgage loan originator to oversee the mortgage loan
25332533 origination operations of the principal place of business and any
25342534 branch office location where the mortgage le nder applicant engages
25352535 in activity that satisfies the definition of a mortgage broker. If
25362536 an applicant wishes to maintain one or more locations branch offices
25372537 for the transaction of business in addition to a principal place of
25382538 business, the applicant shal l first obtain a register the branch
25392539 office license from location with the Administrator. The applicant
25402540 shall submit a fee as set forth in paragraph 3 5 of subsection K of
25412541 Section 2095.6 of this title for each branch office license issued.
25422542 If the Administrator of Consumer Credit determines that the
25432543 applicant is qualified, the Administrator shall issue a branch
25442544 office license indicating the address of the branch offic e
25452545 registered. If the address of the principal place of busines s or of
25462546 any branch office is changed, the licensee shall immediately notify
25472547 the Administrator of the change and the Administrator shall endorse
25482548 the change of address on the license for a fee as prescribed in
25492549 paragraph 4 6 of subsection K of Section 2095.6 of this title; and
25502550 8. A separate mortgage broker license is not required for a
25512551 mortgage lender that engages in a ctivity that satisfies the
25522552
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26032603 definition of a mortgage broker as provided in the Oklahoma Secure
26042604 and Fair Enforcement for Mortgage Licensing Act. A mortgage lender
26052605 that engages in activity that satisfies the definition of a mortgage
26062606 broker shall comply with all requirements of the Oklahoma Secure a nd
26072607 Fair Enforcement for Mortgage Licensing Act regar ding mortgage
26082608 brokers.
26092609 SECTION 11. AMENDATORY 59 O.S . 2021, Section 2095.12, is
26102610 amended to read as follows:
26112611 Section 2095.12 A. The minimum standards for license renewal
26122612 for mortgage brokers shall include the following:
26132613 1. The mortgage broker continues to meet the minimum standards
26142614 for license issuance un der Section 14 2095.11 of this act title; and
26152615 2. The mortgage broker has paid all required fees for renewal
26162616 of the license.
26172617 B. The license of a mortgage broker failing to satisfy the
26182618 minimum standards for license renewal shall expire. The
26192619 Administrator of Consumer Credit may adopt procedures in addition to
26202620 the requirements of Section paragraph 9 of this act subsection K of
26212621 Section 2095.6 of this title for the reinstatement of expired
26222622 licenses consistent with the standards established by the Nationwide
26232623 Mortgage Multistate Licensing System and Registry.
26242624 SECTION 12. AMENDATORY 59 O.S. 2021, Section 2095.12. 1,
26252625 is amended to read as follows:
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26772677 Section 2095.12.1 A. The minimum standards for license renewal
26782678 for mortgage lenders shall include the following:
26792679 1. The mortgage lender continues to meet the minimum standards
26802680 for license issuance under this act; and
26812681 2. The mortgage lender has paid all req uired fees for renewal
26822682 of the license.
26832683 B. The license of a mortgage len der failing to satisfy the
26842684 minimum standards for license renewal shall expire. The
26852685 Administrator of Consumer Credit may ad opt procedures in addition to
26862686 the requirements of paragraph 9 of subsection K of Section 2095.6 o f
26872687 this title for the reinstatement o f expired licenses consistent with
26882688 the standards established by the Nationwide Mortgage Multistate
26892689 Licensing System and Registry.
26902690 SECTION 13. AMENDATORY 59 O.S. 2021, Section 2095.13, is
26912691 amended to read as follows:
26922692 Section 2095.13 In addition to any other duties imposed upon
26932693 the Administrator of Consumer Credit by law, the Administrator sha ll
26942694 require mortgage brokers, mortg age lenders and mortgage loan
26952695 originators to be licensed and registered through the Nationwide
26962696 Mortgage Multistate Licensing System and Registry. In order to
26972697 carry out this requirement, the Administrator is authorized to
26982698 participate in the Nationwide Mortgage Multistate Licensing System
26992699 and Registry. For this purpose, the Administrator, upon approval of
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27512751 the Commission, may establi sh requirements by rule as necessary and
27522752 consistent with this act, including but not limited to:
27532753 1. Background checks for:
27542754 a. criminal history through fingerprint or other
27552755 databases,
27562756 b. civil or administrative records,
27572757 c. credit history, or
27582758 d. any other information as deemed necessary by the
27592759 Nationwide Mortgage Multistate Licensing System and
27602760 Registry;
27612761 2. The payment of fees to apply for or renew licenses through
27622762 the Nationwide Mortgage Multistate Licensing System and Registry;
27632763 3. The setting or resettin g as necessary of renewal or
27642764 reporting dates; and
27652765 4. Requirements for amending or surrenderi ng a license or any
27662766 other such activities as the Administrator deems necessary for
27672767 participation in the Nationwide Mortgage Multistate Licensing System
27682768 and Registry.
27692769 SECTION 14. AMENDATORY 59 O.S. 2021, Section 2095.14, is
27702770 amended to read as follows:
27712771 Section 2095.14 The Administrator of Consumer Credit shall,
27722772 upon approval by the Commission on Consumer Credit, establish by
27732773 rule a process whereby mortgage brokers, mortgage lenders and
27742774 mortgage loan originators may chall enge information entered into the
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28262826 Nationwide Mortgage Multistate Licensing System and Registry by the
28272827 Administrator.
28282828 SECTION 15. AMENDATORY 59 O.S. 202 1, Section 2095.18, is
28292829 amended to read as follows:
28302830 Section 2095.18 It is a violation of this act for an entity or
28312831 individual subject to this act to:
28322832 1. Directly or indirectly employ any scheme, device, or
28332833 artifice to defraud or mislead borrowers or lende rs or to defraud
28342834 any entity or individual;
28352835 2. Engage in any unfair or deceptive practice toward any entity
28362836 or individual;
28372837 3. Obtain property by fraud or misrepresentation;
28382838 4. Solicit or enter into a contract with a borro wer that
28392839 provides in substance th at the entity or individual subject to this
28402840 act may earn a fee or commission through "best efforts" to obtain or
28412841 modify a loan even though a loan is not actually obtained or
28422842 modified for the borrower;
28432843 5. Solicit, advertise or enter into a contract for spe cific
28442844 interest rates, points or other financing terms unless the terms are
28452845 actually available at the time of soliciting, advert ising or
28462846 contracting;
28472847 6. Conduct any business covered by this act without holding a
28482848 valid license as required under this act or assist or aide and abet
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29002900 any entity or individual in the conduct of business under this act
29012901 without a valid license as required under this act;
29022902 7. Fail to make disclosures as required by this act and any
29032903 other applicable state or federal law including regu lations
29042904 thereunder;
29052905 8. Fail to comply with this act or rules promulgated under this
29062906 act or fail to comply with any other state or federal law, including
29072907 any rules thereunder, applicable to any business authorized or
29082908 conducted under this act;
29092909 9. Make, in any manner, any false or deceptive statement or
29102910 representation, including, with regard to the rates, points, or
29112911 other financing terms or conditions for a residential mortgage loan
29122912 or engage in bait and switch advertising;
29132913 10. Negligently make any false st atement or knowingly and
29142914 willfully make any omission of material fact in connection with any
29152915 information or reports filed with a governmental agency or the
29162916 Nationwide Mortgage Multistate Licensing System and Registry or in
29172917 connection with any investigation conducted by the Administrator of
29182918 Consumer Credit or another governmental agency;
29192919 11. Make any payment, threat or promise, di rectly or
29202920 indirectly, to any entity or individual for the purposes of
29212921 influencing the independen t judgment of the entity or indiv idual in
29222922 connection with a residential mortgage loan or make any payment,
29232923 threat or promise, directly or indirectly, to any app raiser of a
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29752975 property, for the purposes of influencing the independent judgment
29762976 of the appraiser with respect to the value of the property;
29772977 12. Collect, charge, attempt to collect or charge or use or
29782978 propose any agreement purporting to collect or charge an y fee
29792979 prohibited by this act;
29802980 13. Cause or require a borrower to obtain property insurance
29812981 coverage in an amount that exceeds th e replacement cost of the
29822982 improvements as established by the property insurer; or
29832983 14. Fail to truthfully account for monies be longing to a party
29842984 to a residential mortgage loan transaction.
29852985 SECTION 16. AMENDATORY 59 O.S. 2021, Section 2095.20, is
29862986 amended to read as follows:
29872987 Section 2095.20 A. 1. There is hereby created in the State
29882988 Treasury a revolving fund for the Commission on Consumer Credit to
29892989 be designated the "Oklahoma Mortgage Broker and Mortgage Loan
29902990 Originator Recovery F und". The fund shall consist of fees received
29912991 by the Administrator of Consumer Credit as required by paragraph 6 5
29922992 of subsection M K of Section 2095.6 of this title to be paid into
29932993 the fund.
29942994 2. The revolving fund shall be a continuing fund not subject to
29952995 fiscal year limitations and shall be under the admini strative
29962996 direction of the Administrator. Monies accruing to the credit of
29972997 this fund are hereby appropriated and may be budgeted and expended
29982998 by the Commission, pursuant to rules promulgated by the Comm ission,
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30503050 for the purposes specified in subsection B of this section. The
30513051 provisions of this paragraph shall have retroactive a nd prospective
30523052 application.
30533053 3. Expenditures from the fund shall be made upon warr ants
30543054 issued by the State Treasurer against claim s filed as prescribed by
30553055 law with the Director of the Office of Management and Enterprise
30563056 Services for approval and payment.
30573057 B. 1. Subject to the limitations of this subsection, monies in
30583058 the fund shall be used to reimburse any entity or individual in an
30593059 amount not to exceed Five Thousand Dollars ($5,000.00) Ten Thousand
30603060 Dollars ($10,000.00), who has been adjudged by a court of competent
30613061 jurisdiction to have suffered monetary damages by an entity or
30623062 individual required to have a license under the Oklahoma Secure and
30633063 Fair Enforcement for Mortgage Licensing Act in any transaction or
30643064 series of transactions for which a license is req uired under the
30653065 Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act
30663066 because of the acquisition of money or property by fraud,
30673067 misrepresentation, deceit, false pretenses, ar tifice, trickery, or
30683068 by any other act which would constitute a violation of the Oklahoma
30693069 Secure and Fair Enforcement for Mortgage Licensing Act.
30703070 2. Payments for claims based on judgments against any one
30713071 person required to have a license under this act sha ll not exceed in
30723072 the aggregate Thirty Thousand Dollars ($30,000.00) Sixty Thousand
30733073 Dollars ($60,000.00).
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31253125 3. Payments for claims may only be made for a cause of action
31263126 which has accrued on or after Nov ember 1, 1997, and which has
31273127 accrued not more than two (2) years prior to filing the action in
31283128 district court.
31293129 SECTION 17. AMENDATORY 59 O.S . 2021, Section 2095.21, is
31303130 amended to read as fo llows:
31313131 Section 2095.21 A. In order to meet the annual continuing
31323132 education requirements as provided in subsection A of Section
31333133 2095.10 of this title, a licensed mortga ge loan originator shall
31343134 complete at least eight (8) hours of education approved as provided
31353135 in subsection B of this section, which shall include at least:
31363136 1. Three (3) hours of federal law and regulations;
31373137 2. Two (2) hours of ethics, which shall include instruction on
31383138 fraud, consumer protection and fair lending issues; and
31393139 3. Two (2) hours of training related to lending standards for
31403140 the nontraditional mortgage product marketplace.
31413141 B. For purposes of subsection A of this section, continuing
31423142 education courses shall be reviewed an d approved by the Nationwide
31433143 Mortgage Multistate Licensing System and Registry base d upon
31443144 reasonable standards. Review and approval of a continuing education
31453145 course shall include review and approval of the course provider.
31463146 C. Nothing in this section shall preclude any education course
31473147 as approved by the Nationwide Mortgage Multistate Licensing System
31483148 and Registry that is provided by the employer of the mortgage loan
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32003200 originator or an entity which is affiliated with the mortgage l oan
32013201 originator by an agency contract or any subsi diary or affiliate of
32023202 such employer or entity.
32033203 D. Continuing education may be offered either in a classroom,
32043204 online or by any other means approved by the Nationwide Mortgage
32053205 Multistate Licensing System and Registry.
32063206 E. A licensed mortgage loan originator, except as provided in
32073207 subsection B of Section 2095.10 of th is title and subsection I of
32083208 this section:
32093209 1. May only receive credit for a continuing education course in
32103210 the year in which the course is taken; and
32113211 2. May not take the same approved course in the same o r
32123212 successive years to meet the annual requirements for continuing
32133213 education.
32143214 F. A licensed mortgage loan originator who is an approved
32153215 instructor of an approved continuing education course may re ceive
32163216 credit for the licensed mortgage loan originator 's own annual
32173217 continuing education requirement at the ra te of two (2) hours credit
32183218 for every one (1) hour taught.
32193219 G. An individual having successfully completed the education
32203220 requirements approved by t he Nationwide Mortgage Multistate
32213221 Licensing System and Registry in para graph 1 of subsection A and
32223222 subsections B and C of this section for any state shall be accepted
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32743274 as credit towards completion of continuing education requirements in
32753275 this state.
32763276 H. A licensed mortgage loan originator who subsequently becomes
32773277 unlicensed must complete the continuing education req uirements for
32783278 the last year in which the license was held prior to issuance of a
32793279 new or renewed license.
32803280 I. An individual meeting the requirement s of paragraphs 1 and 2
32813281 of subsection A of Section 2095.10 of this titl e may make up any
32823282 deficiency in continu ing education as established by rule.
32833283 SECTION 18. AMENDATORY 59 O.S. 2021, Section 2095.22, is
32843284 amended to read as follows :
32853285 Section 2095.22 In order to promote more effective regulation
32863286 and reduce regulatory burden through supervisory information
32873287 sharing:
32883288 1. Except as otherwise provided in 12 U.S.C., Section 5111, the
32893289 requirements under federal or Oklahoma law, regarding th e privacy or
32903290 confidentiality of any information or mat erial provided to the
32913291 Nationwide Mortgage Multistate Licensing System and R egistry and any
32923292 privilege arising under federal or state law, including the rules of
32933293 any federal or state cou rt, with respect to such information or
32943294 material, shall continue to appl y to such information or material
32953295 after the information or material has bee n disclosed to the
32963296 Nationwide Mortgage Multistate Licensing System and Registry. Such
32973297 information and material may be s hared with all state and federal
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33493349 regulatory officials with mo rtgage industry oversight authority
33503350 without the loss of privilege or the lo ss of confidentiality
33513351 protections provided by federal or Oklahoma law.
33523352 2. For these purposes, the Administrator of Cons umer Credit is
33533353 authorized to enter into agreements or sharing arrangements with
33543354 other governmental agencies, the Conference of State Ban k
33553355 Supervisors, the American Association of Residential Mortgage
33563356 Regulators or other associations representing government al agencies.
33573357 3. Information or material that is subject to a privilege or
33583358 confidentiality under paragraph 1 of this section shall not b e
33593359 subject to:
33603360 a. disclosure under any federal or state law governing
33613361 the disclosure to the public of information held by an
33623362 officer or an agency of the federal government or the
33633363 respective state, or
33643364 b. subpoena or discovery, or admission into evidence, in
33653365 any private civil action or administrative process,
33663366 unless with respect to any privilege held by the
33673367 Nationwide Mortgage Multistate Licensing System and
33683368 Registry with respect to suc h information or material,
33693369 the entity or individual to whom such informatio n or
33703370 material pertains waives, in whole or in part, in the
33713371 discretion of such entity or individual, that
33723372 privilege.
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34243424 4. Any provision of Oklahoma law relating to the disclosure of
34253425 confidential supervisory information or any information or material
34263426 described in paragraph 1 of this section that is inconsistent with
34273427 paragraph 1 of this section shall be superseded by the requirements
34283428 of this section.
34293429 5. This section shall not apply with respect to the information
34303430 or material relating to the employment history of and publicly
34313431 adjudicated disciplinary and enforcement actions against mortgage
34323432 brokers and mortgage loan originators that is included in the
34333433 Nationwide Mortgage Multistate Licensing System and Registry for
34343434 access by the public.
34353435 SECTION 19. AMENDATORY 59 O.S. 2021, Section 2095.23, is
34363436 amended to read as f ollows:
34373437 Section 2095.23 A. In addition to any au thority allowed under
34383438 the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act,
34393439 the Administrator of Consumer Credit s hall have the authority to
34403440 conduct investigations and examinations of the following:
34413441 1. Criminal, civil and administrative his tory information,
34423442 including nonconviction data;
34433443 2. Personal history and experience information including
34443444 independent credit repo rts obtained from a consumer reporting agency
34453445 described in 15 U.S.C., Section 1681a(p);
34463446 3. The financial condition and interna l management policies and
34473447 procedures of any entity licensed or required to be licensed as a
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34993499 mortgage lender for purposes of deter mining that the entity is
35003500 operating honestly, fairly and efficiently within the purposes of
35013501 this act; and
35023502 4. Any other documen ts, information or evidence the
35033503 Administrator deems relevant to the inquiry or investigation
35043504 regardless of the location, possessi on, control or custody of such
35053505 documents, information or evidence.
35063506 B. For the purposes of investigating violations or complain ts
35073507 arising under the Oklahoma Sec ure and Fair Enforcement for Mortgage
35083508 Licensing Act or for the purposes of examination, the Admi nistrator
35093509 may review, investigate or examine any licensee or entity or
35103510 individual subject to the Oklahoma Secure and Fair Enfor cement for
35113511 Mortgage Licensing Act , as often as necessary in order to carry out
35123512 the purposes of the Oklahoma Secure and Fair Enfor cement for
35133513 Mortgage Licensing Act. The Administrator may direct, subpoena or
35143514 order the attendance of and examine under oath al l individuals whose
35153515 testimony may be required about the loans or the business or subject
35163516 matter of any such examination or invest igation and may direct,
35173517 subpoena or order such indivi dual to produce books, accounts,
35183518 records, files and any other documents th e Administrator deems
35193519 relevant to the inquiry. Any examination or investigation report
35203520 and any information obtained during an ex amination or investigation
35213521 shall not be subject to di sclosure under the Oklahoma Open Records
35223522 Act. However, any examination or investigation report and any
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35743574 information obtained during an examination or investigation shall be
35753575 subject to disclosure pursuant to a court order and may also be
35763576 disclosed in an individual proceeding and any order issued pursuant
35773577 to the Oklahoma Secure an d Fair Enforcement for Mortgage L icensing
35783578 Act.
35793579 C. The Administrator may require payment of an examination fee
35803580 either at the time of initial application, renewal of the license or
35813581 after an examination has been conducted. The examination fee shall
35823582 be prescribed by rule of the Commission o n Consumer Credit. The
35833583 Administrator shall require a licensee or an entity or individual
35843584 subject to the requirements of this act to pay travel costs for
35853585 conducting examinations or investigations outside of the State of
35863586 Oklahoma.
35873587 D. Each licensee or enti ties or individuals subject to the
35883588 Oklahoma Secure and Fair Enforcement for Mortgage Licensing Ac t
35893589 shall make available to the Administrator, upon req uest, any books
35903590 and records relating to the requirements of the Oklahoma S ecure and
35913591 Fair Enforcement for M ortgage Licensing Act. The Administrator
35923592 shall have access to such books and records and intervi ew the
35933593 officers, principals, mortgage loan originator s, employees,
35943594 independent contractors, agents and customers of the license e,
35953595 entity or individual subject to the Oklahoma Secure and Fair
35963596 Enforcement for Mortgage Licensing Act concerning the requirement s
35973597 of the Oklahoma Secure and Fair Enforcement for Mortgage Licensing
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36493649 Act. Books and records shall be maintained for a period o f time
36503650 required by rule of the A dministrator.
36513651 E. D. Each licensee or entity or individual subject to the
36523652 Oklahoma Secure and Fai r Enforcement for Mortgage Licensing Act
36533653 shall make or compile reports or prepare other information as
36543654 directed by the Administ rator in order to carry out the pu rposes of
36553655 this section including, but not limited to:
36563656 1. Accounting compilations;
36573657 2. Information lists and data concerning loan transactions in a
36583658 format prescribed by the Administrator; or
36593659 3. Such other information deem ed necessary to carry out the
36603660 purposes of this section.
36613661 F. E. In making any examination or investigation authorized by
36623662 the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act,
36633663 the Administrator may control access to any documents and records o f
36643664 the licensee or entity or individu al under examination or
36653665 investigation. The Administrator may take possession of the
36663666 documents and records or place an entity or individual in exclusive
36673667 charge of the documents and records in the place where they are
36683668 usually kept. During the period of con trol, no entity or individual
36693669 shall remove or attempt to remove any of the documents and reco rds
36703670 except pursuant to a court order or with the consent of the
36713671 Administrator. Unless the Administrator has reasonable grounds to
36723672 believe the documents or records of the licensee have been, or are
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37243724 at risk of being altered or destroyed for purposes of conc ealing a
37253725 violation of the Oklahoma Secure and Fair Enforcement for Mortgage
37263726 Licensing Act, the licensee or owner of the documen ts and records
37273727 shall have access to the documents or records as necessary to
37283728 conduct its ordinary business affairs.
37293729 G. F. In order to carry out the purposes of this section, the
37303730 Administrator may:
37313731 1. Retain attorneys, accountants, or other professionals and
37323732 specialists as examiners, auditors or investigators to conduct or
37333733 assist in the conduct of examinations or investigations;
37343734 2. Enter into agreements or relationships with other government
37353735 officials or regulatory associations in order to improve
37363736 efficiencies and reduce regulatory burden by sharing resources,
37373737 standardized or uniform methods or procedures and documents,
37383738 records, information or evidence obtained under this section;
37393739 3. Use, hire, contract or employ public or privately available
37403740 analytical systems, methods or software to examine or investigate
37413741 the licensee, entity or individual subject to the Oklahoma Secure
37423742 and Fair Enforcement for Mortgage Licensing Act;
37433743 4. Accept and rely on examination or investigation reports made
37443744 by other government of ficials, within or without this state;
37453745 5. Accept audit reports made by an independent certified public
37463746 accountant for the licens ee or entity or individual subject to the
37473747 Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act in
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37993799 the course of that part of the examination covering the same general
38003800 subject matter as the audit and may incorporate the audit report in
38013801 the report of the examination, report of investigation or other
38023802 writing of the Administrator; or
38033803 6. Participate in multistate mortgage e xaminations as scheduled
38043804 by the Multi-State Mortgage Committee established by the Conference
38053805 of State Bank Supervisors and the Am erican Association of
38063806 Residential Mortgage Regulators.
38073807 H. G. The authority of this section shall remain in effect,
38083808 whether such a licensee or entity or individual sub ject to the
38093809 Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act acts
38103810 or claims to act under any licensing or registration law of this
38113811 state or claims to act without such authority.
38123812 I. H. No licensee or entity or individual subject to
38133813 investigation or examination under this section may knowingly
38143814 withhold, abstract, remove, mutilate , destroy or secrete any books,
38153815 records, computer records or other information.
38163816 SECTION 20. AMENDATORY 59 O.S. 2021, Section 2095.24, is
38173817 amended to read as follows:
38183818 Section 2095.24 Each licensee shall submit to the Nationwide
38193819 Mortgage Multistate Licensing System and Registry reports of
38203820 condition, which shall be in such form and shall conta in such
38213821 information as the Nationwide Mortgage Multistate Licensing System
38223822 and Registry may require.
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38743874 SECTION 21. AMENDATORY 59 O.S. 2021, Section 2095.25, is
38753875 amended to read as follows:
38763876 Section 2095.25 Notwithstanding or subject to state privacy
38773877 law, the Administrator of Consumer Credit is required to regularly
38783878 report violations of this act as well as enforceme nt actions and
38793879 other relevant information to the Nationwide Mortgage Multistate
38803880 Licensing System and Regis try subject to the provisions con tained in
38813881 Section 25 2095.22 of this act title.
38823882 SECTION 22. NEW LAW A new section of law to be codified
38833883 in the Oklahoma Statutes as Section 2095.27 of Title 59, unless
38843884 there is created a duplication in numbering, reads as follows:
38853885 A licensee may permit its employees or independent cont ractors
38863886 to work at remote locations in compliance with the licensee's
38873887 written policies and procedures subject to the following conditions:
38883888 1. Licensee has written policies and procedures for supervision
38893889 of employees and independent contractors working from r emote
38903890 locations;
38913891 2. Access to a licensee's platforms and customer inform ation
38923892 shall be in accordance with the licensee's comprehensive written
38933893 information security plan;
38943894 3. No in-person customer interaction will occur at an
38953895 employee's or independent contractor's residence, unless such
38963896 residence is a licensed or registered location;
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39483948 4. Physical records shall not be maintained at a remote
39493949 location;
39503950 5. Interactions with and conversations about consume rs will be
39513951 in compliance with federal and state informa tion security
39523952 requirements, including applicable provisions under the Gram m-Leach-
39533953 Bliley Act and the Safeguards Rule established under the Federal
39543954 Trade Commission, set forth in 16 C.F.R. Part 314, as such may be
39553955 amended from time to time;
39563956 6. Employees or independent contractors working at a remote
39573957 location must access the lice nsee's secure systems (including a
39583958 cloud-based system) directly from any out -of-office device such
39593959 employee or independent cont ractor uses (laptop, phone, desktop
39603960 computer, tablet, etc. ) via a virtual private network (VPN) or
39613961 comparable system that ensures secure connectivity and requires
39623962 passwords or other forms of authentication to access;
39633963 7. Licensee shall ensure that appropri ate security updates,
39643964 patches, or other alterations to the security of all devices used at
39653965 remote locations are installed and mai ntained;
39663966 8. Licensee shall have an ability to remotely lock or erase
39673967 company-related contents of any device or otherwise remot ely limit
39683968 all access to a licensee 's secure systems;
39693969 9. The Nationwide Multistate Licensing Sys tem and Registry
39703970 record of a mortgage loan originator that works from a remote
39713971 location shall designate the princi pal place of business as their
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40234023 registered location unless such mortgage loan originator elects to
40244024 choose a licensed branch office as a registered location.
40254025 SECTION 23. This act shall become effective November 1, 2024.
40264026
40274027 59-2-8794 SW 01/11/24