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53	53	STATE OF OKLAHOMA
54	54
55	55	1st Session of the 60th Legislature (2025)
56	56
57	57	SENATE BILL 1061 By: Reinhardt
58	58
59	59
60	60
61	61
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63	63	AS INTRODUCED
64	64
65	65	An Act relating to the Oklahoma Secure and Fair
66	66	Enforcement for Mortgage Licensing Act ; amending 59
67	67	O.S. 2021, Section 2095.6, as ame nded by Section 4,
68	68	Chapter 218, O.S.L. 2024 (59 O.S. Supp. 2024, Section
69	69	2095.6), which relates to license and registration;
70	70	establishing certain license renewal fee; and
71	71	providing an effective date .
72	72
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77	77	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
78	78	SECTION 1. AMENDATORY 59 O.S. 2021, Sectio n 2095.6, as
79	79	amended by Section 4, Chapter 218, O.S.L. 2024 (59 O.S. Supp. 2024,
80	80	Section 2095.6), is amended to read as follows:
81	81	Section 2095.6. A. Applicants for a license sh all apply on a
82	82	form as prescribed by the Administrator of Consumer Credit.
83	83	B. In order to fulfill the purposes of the Oklahoma Secure and
84	84	Fair Enforcement for Mortgage Licensing Act, the Administrator is
85	85	authorized to establish relationships or contracts with the
86	86	Nationwide Multistate Licensing System and Registry or other
87	87	entities designated by the Nationwide Multistate Licensing System
88	88	and Registry to collect and maintain records and process transaction
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140	140	fees or other fees related to licensees or other en tities or
141	141	individuals subject to the Oklahoma Secure and Fair Enforcement for
142	142	Mortgage Licensing Act.
143	143	C. In connection with an application for licensing as a
144	144	mortgage loan originator, the applicant shall, at a minimum, furnish
145	145	to the Nationwide Multistate Licensing System and Registry
146	146	information concerning the applicant ’s identity including:
147	147	1. Fingerprints for submission to the Federal Bureau of
148	148	Investigation and any governmental agency or entity authorized to
149	149	receive such information for a state, natio nal and international
150	150	criminal history background check; and
151	151	2. Personal history and experience in a form prescribed by the
152	152	Nationwide Multistate Licensing System and Registry and the
153	153	Administrator to obtain:
154	154	a. an independent credit report obtained from a consumer
155	155	reporting agency defined in 15 U.S.C., Section
156	156	1681a(p), and
157	157	b. information related to any administrative, civil or
158	158	criminal findings by any governmental jurisdiction.
159	159	D. In connection with an application for licensing as a
160	160	mortgage broker or m ortgage lender, the applicant shall, at a
161	161	minimum, furnish to the Nationwide Multistate Licensing System and
162	162	Registry information concerning each owner, officer, director or
163	163	partner, as applicable including:
164	164
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215	215	1. Fingerprints for submission to the Federal B ureau of
216	216	Investigation and any governmental agency or entity authorized to
217	217	receive such information for a state, national and international
218	218	criminal history background check; and
219	219	2. Personal history and experience in a form prescribed by the
220	220	Nationwide Multistate Licensing System and Registry and the
221	221	Administrator to obtain:
222	222	a. an independent credit report obtained from a consumer
223	223	reporting agency described in 15 U.S.C., Section
224	224	1681a(p), and
225	225	b. information related to any administrative, civil or
226	226	criminal findings by any governmental jurisdiction.
227	227	E. For purposes of this section and in order to reduce points
228	228	of contact which the Federal Bureau of Investigation may have to
229	229	maintain for purposes of paragraph 1 and subparagraph b of paragraph
230	230	2 of subsection D of this section, the Administrator may use the
231	231	Nationwide Multistate Licensing System and Registry as a channeling
232	232	agent for requesting information from and distributing information
233	233	to the United States Department of Justice or any governmental
234	234	agency.
235	235	F. For the purposes of this section and in order to reduce the
236	236	points of contact which the Administrator may have to maintain for
237	237	purposes of subparagraphs a and b of paragraph 2 of subsection D of
238	238	this section, the Administrator may use the Nationwide Mul tistate
239	239
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290	290	Licensing System and Registry as a channeling agent for requesting
291	291	and distributing information to and from any source so directed by
292	292	the Administrator.
293	293	G. A license issued under the Oklahoma Secure and Fair
294	294	Enforcement for Mortgage Licensing Act shall be valid for a period
295	295	of one (1) year, unless otherwise revoked or suspen ded by the
296	296	Administrator as provided in the Oklahoma Secure and Fair
297	297	Enforcement for Mortgage Licensing Act.
298	298	H. The Administrator, on determining that the applicant is
299	299	qualified and upon payment of the fees by the applicant, shall issue
300	300	a license to the applicant. An applicant who has been denied a
301	301	license may not reapply for the license for sixty (60) days from the
302	302	date of the previous application. A new license issued on or after
303	303	November 1 shall be effective through December 31 of the following
304	304	calendar year.
305	305	I. A licensee shall pay the renewal fee on or before December
306	306	1. If the license is not renewed by December 1, the licensee shall
307	307	pay a late renewal fee as prescribed by rule of the Commission on
308	308	Consumer Credit. Licenses not renewed by December 31 shall expire
309	309	and the licensee shall not act as a mortgage broker, mortgage lender
310	310	or mortgage loan originator until a new license is issued pursuant
311	311	to the Oklahoma Secure a nd Fair Enforcement for Mortgage Licensing
312	312	Act. A license shall not be granted to the holder of an expired
313	313	license except as provided in the Oklahoma Secure and Fair
314	314
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365	365	Enforcement for Mortgage Licensing Act for the issuance of an
366	366	original license.
367	367	J. A licensee shall prominently display the mortgage broker,
368	368	mortgage lender or mortgage loan originator license in the principal
369	369	place of business of the mortgage broker, mortgage lender or
370	370	mortgage loan originator and any branch office of the mortgage
371	371	broker or mortgage lender.
372	372	K. 1. An applicant for a mortgage broker or mortgage lender
373	373	license shall pay a fee of One Thousand Two Hundred Dollars
374	374	($1,200.00). This fee shall cover the application fee and
375	375	examination fee for all registered locations, including an y changes
376	376	of address.
377	377	2. Mortgage broker or mortgage lender licenses may be renewed
378	378	by submitting an annual assessment fee of One Thousand Dollars
379	379	($1,000.00). Mortgage lender licenses shall be renewed by
380	380	submitting an annual assessment fee . The mortgage lender annual
381	381	assessment fee shall:
382	382	a. be based on the dollar volume of loans originated for
383	383	residential real property located in Oklahoma during
384	384	the twelve-month period ending June 30,
385	385	b. be based on the dollar volume of loans serviced for
386	386	residential real property located in Oklahoma as
387	387	reported on the Q2 mortgage call report for the period
388	388	ending on June 30,
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440	440	c. be determined by applying a factor of eight -
441	441	thousandths of a percent (0.008%) of the dollar volume
442	442	of loans originated and the dollar volume of loans
443	443	serviced in Oklahoma, and
444	444	d. cover:
445	445	(1) the renewal fee for the principa l office and any
446	446	branches, and
447	447	(2) any examination-related costs incurred by the
448	448	Department of Consumer Credit.
449	449	3. Beginning November 1, 2024, the annual assessment fee shall
450	450	not be:
451	451	a. less than One Thousand Dollars ($1,000.00),
452	452	b. more than Forty Thousand Dollars ($40,000.00) for the
453	453	portion of the assessment calculated according to
454	454	subparagraph a of paragraph 2 of this subsection, nor
455	455	c. more than Seventeen Thousand Five Hund red Dollars
456	456	($17,500.00) for the portion of the assessment
457	457	calculated according to subparagraph b of paragraph 2
458	458	of this subsection.
459	459	4. Beginning November 1, 2025, the annual assessment fee shall
460	460	not be:
461	461	a. less than One Thousand Dollars ($1,000.00),
462	462
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513	513	b. more than Forty Thousand Dollars ($40,000.00) for the
514	514	portion of the assessment calculated according to
515	515	subparagraph a of paragraph 2 of this subsection, nor
516	516	c. more than Twenty-seven Thousand Five Hundred Dollars
517	517	($27,500.00) for the portion of the assessm ent
518	518	calculated according to subparagraph b of paragraph 2
519	519	of this subsection.
520	520	5. Beginning November 1, 2026, the annual assessment fee shall
521	521	not be:
522	522	a. less than One Thousand Dollars ($1,000.00),
523	523	b. more than Forty Thousand Dollars ($40,000.00) for the
524	524	portion of the assessment calculated according to
525	525	subparagraph a of paragraph 2 of this subsection, nor
526	526	c. more than Thirty-five Thousand Dollars ($35,000.00)
527	527	for the portion of the assessment calculated according
528	528	to subparagraph b of paragraph 2 of this sub section.
529	529	6. Beginning November 1, 2027, the annual assessment fee shall
530	530	not be:
531	531	a. less than One Thousand Dollars ($1,000.00),
532	532	b. more than Forty Thousand Dollars ($40,000.00) for the
533	533	portion of the assessment calculated according to
534	534	subparagraph a of par agraph 2 of this subsection, nor
535	535
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586	586	c. more than Forty Thousand Dollars ($40,000.00) for the
587	587	portion of the assessment calculated according to
588	588	subparagraph b of paragraph 2 of this subsection.
589	589	7. A late renewal fee shall be as prescribed by rule of the
590	590	Commission on Consumer Credit.
591	591	8. Branch offices shall be registered with the Depar tment and
592	592	shall be accompanied by an initial registration fee of One Hundred
593	593	Fifty Dollars ($150.00).
594	594	9. A fee as prescribed by rule of the Commission on Consumer
595	595	Credit shall be charged for each license change, duplicate license
596	596	or returned check.
597	597	10. A fee as prescribed by rule of the Commission on Consumer
598	598	Credit shall be paid by applicants and licensees into the Oklahoma
599	599	Mortgage Broker and Mortgage Loan Originator Recovery Fund as
600	600	provided for in Section 2095.20 of this title for each initial
601	601	application and each renewal application.
602	602	11. Each additional trade name used by a licensee shall be
603	603	registered with the Department and shall be accompanied by an
604	604	initial registration fee of One Hundred Fifty Dollars ($150.00).
605	605	12. The Administrator of Consumer Credit may reinstate a
606	606	license within thirty -one (31) days of the expiration of the license
607	607	if the licensee pays the assessment fees and a reinstatement fee of
608	608	Five Hundred Dollars ($500.00). A licensee shall not be reinstated
609	609	when the renewal applicatio n, fees, or any required information is
610	610
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661	661	received on or after February 1 of the following year that the
662	662	renewal application was due.
663	663	13. The Administrator may reduce annual asse ssment fees on a
664	664	pro rata basis for a specific renewal period by reducing the factor
665	665	applied to the dollar volume of loans originated and serviced. The
666	666	Administrator shall notify licensees of an annual assessment fee
667	667	reduction prior to November 1 of the s pecific license renewal
668	668	period. An annual assessment fee does not include an i nitial
669	669	license fee for purposes of this subsection.
670	670	L. 1. An applicant for an initial mortgage loan originator
671	671	license shall pay a fee of Four Hundred Fifty Dollars ($450.00).
672	672	2. An applicant renewing a mortgage loan originator license
673	673	shall pay a fee of Two Hundred Fifty Dollars ($250.00).
674	674	3. A late renewal fee shall be as prescribed by rule of the
675	675	Commission on Consumer Credit.
676	676	4. A fee as prescribed by rule of the Commiss ion shall be paid
677	677	by applicants and licensees into the Oklahoma Mortgage Broker and
678	678	Mortgage Loan Originator Recovery Fund, as provided in Section
679	679	2095.20 of this title, for each initial application and each renewal
680	680	application.
681	681	SECTION 2. This act shall become effective November 1, 2025.
682	682
683	683	60-1-748 CAD 1/16/2025 3:01:31 PM

Oklahoma 2025 Regular Session

Oklahoma Senate Bill SB1061 Compare Versions