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STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
SENATE BILL 1061 By: Reinhardt
AS INTRODUCED
An Act relating to the Oklahoma Secure and Fair
Enforcement for Mortgage Licensing Act ; amending 59
O.S. 2021, Section 2095.6, as ame nded by Section 4,
Chapter 218, O.S.L. 2024 (59 O.S. Supp. 2024, Section
2095.6), which relates to license and registration;
establishing certain license renewal fee; and
providing an effective date .
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 59 O.S. 2021, Sectio n 2095.6, as
amended by Section 4, Chapter 218, O.S.L. 2024 (59 O.S. Supp. 2024,
Section 2095.6), is amended to read as follows:
Section 2095.6. A. Applicants for a license sh all apply on a
form as prescribed by the Administrator of Consumer Credit.
B. In order to fulfill the purposes of the Oklahoma Secure and
Fair Enforcement for Mortgage Licensing Act, the Administrator is
authorized to establish relationships or contracts with the
Nationwide Multistate Licensing System and Registry or other
entities designated by the Nationwide Multistate Licensing System
and Registry to collect and maintain records and process transaction
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fees or other fees related to licensees or other en tities or
individuals subject to the Oklahoma Secure and Fair Enforcement for
Mortgage Licensing Act.
C. In connection with an application for licensing as a
mortgage loan originator, the applicant shall, at a minimum, furnish
to the Nationwide Multistate Licensing System and Registry
information concerning the applicant ’s identity including:
1. Fingerprints for submission to the Federal Bureau of
Investigation and any governmental agency or entity authorized to
receive such information for a state, natio nal and international
criminal history background check; and
2. Personal history and experience in a form prescribed by the
Nationwide Multistate Licensing System and Registry and the
Administrator to obtain:
a. an independent credit report obtained from a consumer
reporting agency defined in 15 U.S.C., Section
1681a(p), and
b. information related to any administrative, civil or
criminal findings by any governmental jurisdiction.
D. In connection with an application for licensing as a
mortgage broker or m ortgage lender, the applicant shall, at a
minimum, furnish to the Nationwide Multistate Licensing System and
Registry information concerning each owner, officer, director or
partner, as applicable including:
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1. Fingerprints for submission to the Federal B ureau of
Investigation and any governmental agency or entity authorized to
receive such information for a state, national and international
criminal history background check; and
2. Personal history and experience in a form prescribed by the
Nationwide Multistate Licensing System and Registry and the
Administrator to obtain:
a. an independent credit report obtained from a consumer
reporting agency described in 15 U.S.C., Section
1681a(p), and
b. information related to any administrative, civil or
criminal findings by any governmental jurisdiction.
E. For purposes of this section and in order to reduce points
of contact which the Federal Bureau of Investigation may have to
maintain for purposes of paragraph 1 and subparagraph b of paragraph
2 of subsection D of this section, the Administrator may use the
Nationwide Multistate Licensing System and Registry as a channeling
agent for requesting information from and distributing information
to the United States Department of Justice or any governmental
agency.
F. For the purposes of this section and in order to reduce the
points of contact which the Administrator may have to maintain for
purposes of subparagraphs a and b of paragraph 2 of subsection D of
this section, the Administrator may use the Nationwide Mul tistate
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Licensing System and Registry as a channeling agent for requesting
and distributing information to and from any source so directed by
the Administrator.
G. A license issued under the Oklahoma Secure and Fair
Enforcement for Mortgage Licensing Act shall be valid for a period
of one (1) year, unless otherwise revoked or suspen ded by the
Administrator as provided in the Oklahoma Secure and Fair
Enforcement for Mortgage Licensing Act.
H. The Administrator, on determining that the applicant is
qualified and upon payment of the fees by the applicant, shall issue
a license to the applicant. An applicant who has been denied a
license may not reapply for the license for sixty (60) days from the
date of the previous application. A new license issued on or after
November 1 shall be effective through December 31 of the following
calendar year.
I. A licensee shall pay the renewal fee on or before December
1. If the license is not renewed by December 1, the licensee shall
pay a late renewal fee as prescribed by rule of the Commission on
Consumer Credit. Licenses not renewed by December 31 shall expire
and the licensee shall not act as a mortgage broker, mortgage lender
or mortgage loan originator until a new license is issued pursuant
to the Oklahoma Secure a nd Fair Enforcement for Mortgage Licensing
Act. A license shall not be granted to the holder of an expired
license except as provided in the Oklahoma Secure and Fair
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Enforcement for Mortgage Licensing Act for the issuance of an
original license.
J. A licensee shall prominently display the mortgage broker,
mortgage lender or mortgage loan originator license in the principal
place of business of the mortgage broker, mortgage lender or
mortgage loan originator and any branch office of the mortgage
broker or mortgage lender.
K. 1. An applicant for a mortgage broker or mortgage lender
license shall pay a fee of One Thousand Two Hundred Dollars
($1,200.00). This fee shall cover the application fee and
examination fee for all registered locations, including an y changes
of address.
2. Mortgage broker or mortgage lender licenses may be renewed
by submitting an annual assessment fee of One Thousand Dollars
($1,000.00). Mortgage lender licenses shall be renewed by
submitting an annual assessment fee . The mortgage lender annual
assessment fee shall:
a. be based on the dollar volume of loans originated for
residential real property located in Oklahoma during
the twelve-month period ending June 30,
b. be based on the dollar volume of loans serviced for
residential real property located in Oklahoma as
reported on the Q2 mortgage call report for the period
ending on June 30,
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c. be determined by applying a factor of eight -
thousandths of a percent (0.008%) of the dollar volume
of loans originated and the dollar volume of loans
serviced in Oklahoma, and
d. cover:
(1) the renewal fee for the principa l office and any
branches, and
(2) any examination-related costs incurred by the
Department of Consumer Credit.
3. Beginning November 1, 2024, the annual assessment fee shall
not be:
a. less than One Thousand Dollars ($1,000.00),
b. more than Forty Thousand Dollars ($40,000.00) for the
portion of the assessment calculated according to
subparagraph a of paragraph 2 of this subsection, nor
c. more than Seventeen Thousand Five Hund red Dollars
($17,500.00) for the portion of the assessment
calculated according to subparagraph b of paragraph 2
of this subsection.
4. Beginning November 1, 2025, the annual assessment fee shall
not be:
a. less than One Thousand Dollars ($1,000.00),
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b. more than Forty Thousand Dollars ($40,000.00) for the
portion of the assessment calculated according to
subparagraph a of paragraph 2 of this subsection, nor
c. more than Twenty-seven Thousand Five Hundred Dollars
($27,500.00) for the portion of the assessm ent
calculated according to subparagraph b of paragraph 2
of this subsection.
5. Beginning November 1, 2026, the annual assessment fee shall
not be:
a. less than One Thousand Dollars ($1,000.00),
b. more than Forty Thousand Dollars ($40,000.00) for the
portion of the assessment calculated according to
subparagraph a of paragraph 2 of this subsection, nor
c. more than Thirty-five Thousand Dollars ($35,000.00)
for the portion of the assessment calculated according
to subparagraph b of paragraph 2 of this sub section.
6. Beginning November 1, 2027, the annual assessment fee shall
not be:
a. less than One Thousand Dollars ($1,000.00),
b. more than Forty Thousand Dollars ($40,000.00) for the
portion of the assessment calculated according to
subparagraph a of par agraph 2 of this subsection, nor
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c. more than Forty Thousand Dollars ($40,000.00) for the
portion of the assessment calculated according to
subparagraph b of paragraph 2 of this subsection.
7. A late renewal fee shall be as prescribed by rule of the
Commission on Consumer Credit.
8. Branch offices shall be registered with the Depar tment and
shall be accompanied by an initial registration fee of One Hundred
Fifty Dollars ($150.00).
9. A fee as prescribed by rule of the Commission on Consumer
Credit shall be charged for each license change, duplicate license
or returned check.
10. A fee as prescribed by rule of the Commission on Consumer
Credit shall be paid by applicants and licensees into the Oklahoma
Mortgage Broker and Mortgage Loan Originator Recovery Fund as
provided for in Section 2095.20 of this title for each initial
application and each renewal application.
11. Each additional trade name used by a licensee shall be
registered with the Department and shall be accompanied by an
initial registration fee of One Hundred Fifty Dollars ($150.00).
12. The Administrator of Consumer Credit may reinstate a
license within thirty -one (31) days of the expiration of the license
if the licensee pays the assessment fees and a reinstatement fee of
Five Hundred Dollars ($500.00). A licensee shall not be reinstated
when the renewal applicatio n, fees, or any required information is
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received on or after February 1 of the following year that the
renewal application was due.
13. The Administrator may reduce annual asse ssment fees on a
pro rata basis for a specific renewal period by reducing the factor
applied to the dollar volume of loans originated and serviced. The
Administrator shall notify licensees of an annual assessment fee
reduction prior to November 1 of the s pecific license renewal
period. An annual assessment fee does not include an i nitial
license fee for purposes of this subsection.
L. 1. An applicant for an initial mortgage loan originator
license shall pay a fee of Four Hundred Fifty Dollars ($450.00).
2. An applicant renewing a mortgage loan originator license
shall pay a fee of Two Hundred Fifty Dollars ($250.00).
3. A late renewal fee shall be as prescribed by rule of the
Commission on Consumer Credit.
4. A fee as prescribed by rule of the Commiss ion shall be paid
by applicants and licensees into the Oklahoma Mortgage Broker and
Mortgage Loan Originator Recovery Fund, as provided in Section
2095.20 of this title, for each initial application and each renewal
application.
SECTION 2. This act shall become effective November 1, 2025.
60-1-748 CAD 1/16/2025 3:01:31 PM