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28	28	STATE OF OKLAHOMA
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30	30	1st Session of the 60th Legislature (2025)
31	31
32	32	HOUSE BILL 1883 By: May
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35	35
36	36
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38	38	AS INTRODUCED
39	39
40	40	An Act relating to professions and occupations;
41	41	amending 59 O.S. 2021, Section 2095.6, as amended by
42	42	Section 4, Chapter 218, O.S.L. 2024 (59 O.S. Supp.
43	43	2024, Section 2095.6), which relates to mortgage
44	44	lender licensing and registration; modifying the
45	45	annual fee for mortgage broker licenses; and
46	46	providing an effective date.
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54	54	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
55	55	SECTION 1. AMENDATORY 59 O.S. 2021, Section 2095.6, as
56	56	amended by Section 4, Chapter 218, O.S.L. 2024 (59 O.S. Supp. 2024,
57	57	Section 2095.6), is amended to read as follows:
58	58	Section 2095.6. A. Applicants for a license shall apply on a
59	59	form as prescribed by the Administrator of Consumer Credit.
60	60	B. In order to fulfill the purposes of the Oklahoma Secure and
61	61	Fair Enforcement for Mortgage Licensing Act, the Administrator is
62	62	authorized to establish relationships or contracts with the
63	63	Nationwide Multistate Licensing System and Registry or other
64	64	entities designated by the Nationwide Multistate Licensing System
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91	91	and Registry to collect and maintain records and process transaction
92	92	fees or other fees related to licensees or other entities or
93	93	individuals subject to the Oklahoma Secure and Fair Enforcement for
94	94	Mortgage Licensing Act.
95	95	C. In connection with an application for licensing as a
96	96	mortgage loan originator, the applicant shall, at a minimum, furnish
97	97	to the Nationwide Multistate Licensing Syst em and Registry
98	98	information concerning the applicant 's identity including:
99	99	1. Fingerprints for submission to the Federal Bureau of
100	100	Investigation and any governmental agency or entity authorized to
101	101	receive such information for a state, national and interna tional
102	102	criminal history background check; and
103	103	2. Personal history and experience in a form prescribed by the
104	104	Nationwide Multistate Licensing System and Registry and the
105	105	Administrator to obtain:
106	106	a. an independent credit report obtained from a consumer
107	107	reporting agency defined in 15 U.S.C., Section
108	108	1681a(p), and
109	109	b. information related to any administrative, civil or
110	110	criminal findings by any governmental jurisdiction.
111	111	D. In connection with an application for licensing as a
112	112	mortgage broker or mortgage lender, the applicant shall, at a
113	113	minimum, furnish to the Nationwide Multistate Licensing System and
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140	140	Registry information concerning each owner, officer, director or
141	141	partner, as applicable including:
142	142	1. Fingerprints for submission to the Federal Bureau of
143	143	Investigation and any governmental agency or entity authorized to
144	144	receive such information for a state, national and international
145	145	criminal history background check; and
146	146	2. Personal history and experience in a form prescribed by the
147	147	Nationwide Multistate Licens ing System and Registry and the
148	148	Administrator to obtain:
149	149	a. an independent credit report obtained from a consumer
150	150	reporting agency described in 15 U.S.C., Section
151	151	1681a(p), and
152	152	b. information related to any administrative, civil or
153	153	criminal findings by any governmental jurisdiction.
154	154	E. For purposes of this section and in order to r educe points
155	155	of contact which the Federal Bureau of Investigation may have to
156	156	maintain for purposes of paragraph 1 and subparagraph b of paragraph
157	157	2 of subsection D of this secti on, the Administrator may use the
158	158	Nationwide Multistate Licensing System and Registry as a channeling
159	159	agent for requesting information from and distributing information
160	160	to the United States Department of Justice or any governmental
161	161	agency.
162	162	F. For the purposes of this section and in order to reduce the
163	163	points of contact which the Ad ministrator may have to maintain for
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190	190	purposes of subparagraphs a and b of paragraph 2 of subsection D of
191	191	this section, the Administrator may use the Nationwide Multistate
192	192	Licensing System and Registry as a channeling agent for requesting
193	193	and distributing information to and from any source so directed by
194	194	the Administrator.
195	195	G. A license issued under the Oklahoma Secure and Fair
196	196	Enforcement for Mortgage Licensing Act shall be valid for a period
197	197	of one (1) year, unless otherwise revoked or suspended by the
198	198	Administrator as provided in the Oklahoma Secure and Fair
199	199	Enforcement for Mortgage Licensing Act.
200	200	H. The Administrator, on determining that the applicant is
201	201	qualified and upon paym ent of the fees by the applicant, shall issue
202	202	a license to the applicant. An applicant who has been denied a
203	203	license may not reapply for the license for sixty (60) days from the
204	204	date of the previous application. A new license issued on or after
205	205	November 1 shall be effective through December 31 of the following
206	206	calendar year.
207	207	I. A licensee shall pay the renewal fee on or before December
208	208	1. If the license is not renewed by December 1, the licensee shall
209	209	pay a late renewal fee as prescribed by rule of the Commission on
210	210	Consumer Credit. Licenses not renewed by December 31 shall expire
211	211	and the licensee shall not act as a mortgage broker, mortgage lender
212	212	or mortgage loan originator until a new license is issued pursuant
213	213	to the Oklahoma Secure and Fair Enforce ment for Mortgage Licensing
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240	240	Act. A license shall not be granted to the holder of an expired
241	241	license except as provided in the Oklahoma Secure and Fair
242	242	Enforcement for Mortgage Licensing Act for the issuance of an
243	243	original license.
244	244	J. A licensee shall pro minently display the mortgage broker,
245	245	mortgage lender or mortgage loan originator license in the principal
246	246	place of business of the mortgage broker, mortgage lender or
247	247	mortgage loan originator and any branch office of the mortgage
248	248	broker or mortgage lender .
249	249	K. 1. An applicant for a mortgage broker or mortgage lender
250	250	license shall pay a fee of One Thousand Two Hundred Dollars
251	251	($1,200.00). This fee shall cover the application fee and
252	252	examination fee for all registered locations, including any changes
253	253	of address.
254	254	2. Mortgage broker or mortgage lender licenses may be renewed
255	255	by submitting an annual assessment fee of One Thousand Dollars
256	256	($1,000.00). Mortgage lender licenses may be renewed by submitting
257	257	an annual assessment fee . The annual assessment fee sh all:
258	258	a. be based on the dollar volume of loans originated for
259	259	residential real property located in Oklahoma during
260	260	the twelve-month period ending June 30,
261	261	b. be based on the dollar volume of loans serviced for
262	262	residential real property located in Oklahoma as
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289	289	reported on the Q2 mortgage call report for the period
290	290	ending on June 30,
291	291	c. be determined by applying a factor of eight -
292	292	thousandths of a percent (0.008%) of the dollar volume
293	293	of loans originated and the dollar volume of loans
294	294	serviced in Oklahoma, and
295	295	d. cover:
296	296	(1) the renewal fee for the principal office and any
297	297	branches, and
298	298	(2) any examination-related costs incurred by the
299	299	Department of Consumer Credit.
300	300	3. Beginning November 1, 2024, the annual assessment fee shall
301	301	not be:
302	302	a. less than One Thousand Dollars ($1,000.00),
303	303	b. more than Forty Thousand Dollars ($40,000.00) for the
304	304	portion of the assessment calculated according to
305	305	subparagraph a of paragraph 2 of this subsection, nor
306	306	c. more than Seventeen Thousand Five Hundred Dollars
307	307	($17,500.00) for the portion of the assessment
308	308	calculated according to subparagraph b of paragraph 2
309	309	of this subsection.
310	310	4. Beginning November 1, 2025, the annual assessment fee shall
311	311	not be:
312	312	a. less than One Thousand Dollars ($1,000.00),
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339	339	b. more than Forty Thousand Dollars ( $40,000.00) for the
340	340	portion of the assessment calculated according to
341	341	subparagraph a of paragraph 2 of this subsection, nor
342	342	c. more than Twenty-seven Thousand Five Hundred Dollars
343	343	($27,500.00) for the portion of the assessment
344	344	calculated according to subpa ragraph b of paragraph 2
345	345	of this subsection.
346	346	5. Beginning November 1, 2026, t he annual assessment fee shall
347	347	not be:
348	348	a. less than One Thousand Dollars ($1,000.00),
349	349	b. more than Forty Thousand Dollars ($40,000.00) for the
350	350	portion of the assessment calculate d according to
351	351	subparagraph a of paragraph 2 of this subsection, nor
352	352	c. more than Thirty-five Thousand Dollars ($35,000.00)
353	353	for the portion of the assessment calculated according
354	354	to subparagraph b of paragraph 2 of this subsection.
355	355	6. Beginning November 1 , 2027, the annual assessment fee shall
356	356	not be:
357	357	a. less than One Thousand Doll ars ($1,000.00),
358	358	b. more than Forty Thousand Dollars ($40,000.00) for the
359	359	portion of the assessment calculated according to
360	360	subparagraph a of paragraph 2 of this subsection, nor
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387	387	c. more than Forty Thousand Dollars ($40,000.00) for the
388	388	portion of the assessment calculated according to
389	389	subparagraph b of paragraph 2 of this subsection.
390	390	7. A late renewal fee shall be as prescribed by rule of the
391	391	Commission on Consumer Credit.
392	392	8. Branch offices shall be registered with the Department and
393	393	shall be accompanied b y an initial registration fee of One Hundred
394	394	Fifty Dollars ($150.00).
395	395	9. A fee as prescribed by rule of the Commission on Consumer
396	396	Credit shall be charged for each license chang e, duplicate license
397	397	or returned check.
398	398	10. A fee as prescribed by rule of the Commission on Consumer
399	399	Credit shall be paid by applicants and licensees into the Oklahoma
400	400	Mortgage Broker and Mortgage Loan Originator Recovery Fund as
401	401	provided for in Section 2095.20 of this title for each initial
402	402	application and each renewal applicatio n.
403	403	11. Each additional trade name used by a licensee shall be
404	404	registered with the Department and shall be accompanied by an
405	405	initial registration fee of One Hundred Fifty Dollars ($150.00).
406	406	12. The Administrator of Consumer Credit may reinstate a
407	407	license within thirty -one (31) days of the expiration of the license
408	408	if the licensee pays the assessment fees and a reinstatement fee of
409	409	Five Hundred Dollars ($500.00). A licensee shall not be reinstated
410	410	when the renewal application, fees, or any required informa tion is
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437	437	received on or after February 1 of the following year that the
438	438	renewal application was due.
439	439	13. The Administrator may reduce annual assessment fees on a
440	440	pro rata basis for a specific renewal period by reducing the factor
441	441	applied to the dollar volume of loans originated and serviced. The
442	442	Administrator shall notify licensees of an annual assessment fee
443	443	reduction prior to November 1 of the specific license renewal
444	444	period. An annual assessment fee does not include an initial
445	445	license fee for purposes of this subsection.
446	446	L. 1. An applicant for an initial mortgage loan originator
447	447	license shall pay a fee of Four Hundred Fifty Dollars ($450.00).
448	448	2. An applicant renewing a mort gage loan originator license
449	449	shall pay a fee of Two Hundred Fifty Dollars ($250.00).
450	450	3. A late renewal fee shall be as prescribed by rule of the
451	451	Commission on Consumer Credit.
452	452	4. A fee as prescribed by rule of the Commission shall be paid
453	453	by applicants and licensees into the Oklahoma Mortgage Broker and
454	454	Mortgage Loan Originator Re covery Fund, as provided in Section
455	455	2095.20 of this title, for each initial application and each renewal
456	456	application.
457	457	SECTION 2. This act shall become effective November 1, 2025.
458	458
459	459	60-1-12182 TKR 01/14/25

Oklahoma 2025 Regular Session

Oklahoma House Bill HB1883 Compare Versions