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1 STATE OF OKLAHOMA
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2 1st Session of the 60th Legislature (2025)
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3 SENATE BILL 1061 By: Reinhardt
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4
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5
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6 AS INTRODUCED
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7 An Act relating to the Oklahoma Secure and Fair
7 Enforcement for Mortgage Licensing Act; amending 59
8 O.S. 2021, Section 2095.6, as amended by Section 4,
8 Chapter 218, O.S.L. 2024 (59 O.S. Supp. 2024, Section
9 2095.6), which relates to license and registration;
9 establishing certain license renewal fee; and
10 providing an effective date.
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11
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13 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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14 SECTION 1. AMENDATORY 59 O.S. 2021, Section 2095.6, as
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15 amended by Section 4, Chapter 218, O.S.L. 2024 (59 O.S. Supp. 2024,
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16 Section 2095.6), is amended to read as follows:
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17 Section 2095.6. A. Applicants for a license shall apply on a
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18 form as prescribed by the Administrator of Consumer Credit.
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19 B. In order to fulfill the purposes of the Oklahoma Secure and
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20 Fair Enforcement for Mortgage Licensing Act, the Administrator is
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21 authorized to establish relationships or contracts with the
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22 Nationwide Multistate Licensing System and Registry or other
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23 entities designated by the Nationwide Multistate Licensing System
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24 and Registry to collect and maintain records and process transaction
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Req. No. 439 Page 1
1 fees or other fees related to licensees or other entities or
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2 individuals subject to the Oklahoma Secure and Fair Enforcement for
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3 Mortgage Licensing Act.
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4 C. In connection with an application for licensing as a
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5 mortgage loan originator, the applicant shall, at a minimum, furnish
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6 to the Nationwide Multistate Licensing System and Registry
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7 information concerning the applicant's identity including:
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8 1. Fingerprints for submission to the Federal Bureau of
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9 Investigation and any governmental agency or entity authorized to
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10 receive such information for a state, national and international
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11 criminal history background check; and
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12 2. Personal history and experience in a form prescribed by the
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13 Nationwide Multistate Licensing System and Registry and the
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14 Administrator to obtain:
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15 a. an independent credit report obtained from a consumer
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16 reporting agency defined in 15 U.S.C., Section
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17 1681a(p), and
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18 b. information related to any administrative, civil or
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19 criminal findings by any governmental jurisdiction.
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20 D. In connection with an application for licensing as a
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21 mortgage broker or mortgage lender, the applicant shall, at a
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22 minimum, furnish to the Nationwide Multistate Licensing System and
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23 Registry information concerning each owner, officer, director or
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24 partner, as applicable including:
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Req. No. 439 Page 2
1 1. Fingerprints for submission to the Federal Bureau of
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2 Investigation and any governmental agency or entity authorized to
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3 receive such information for a state, national and international
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4 criminal history background check; and
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5 2. Personal history and experience in a form prescribed by the
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6 Nationwide Multistate Licensing System and Registry and the
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7 Administrator to obtain:
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8 a. an independent credit report obtained from a consumer
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9 reporting agency described in 15 U.S.C., Section
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10 1681a(p), and
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11 b. information related to any administrative, civil or
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12 criminal findings by any governmental jurisdiction.
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13 E. For purposes of this section and in order to reduce points
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14 of contact which the Federal Bureau of Investigation may have to
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15 maintain for purposes of paragraph 1 and subparagraph b of paragraph
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16 2 of subsection D of this section, the Administrator may use the
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17 Nationwide Multistate Licensing System and Registry as a channeling
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18 agent for requesting information from and distributing information
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19 to the United States Department of Justice or any governmental
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20 agency.
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21 F. For the purposes of this section and in order to reduce the
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22 points of contact which the Administrator may have to maintain for
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23 purposes of subparagraphs a and b of paragraph 2 of subsection D of
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24 this section, the Administrator may use the Nationwide Multistate
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Req. No. 439 Page 3
1 Licensing System and Registry as a channeling agent for requesting
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2 and distributing information to and from any source so directed by
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3 the Administrator.
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4 G. A license issued under the Oklahoma Secure and Fair
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5 Enforcement for Mortgage Licensing Act shall be valid for a period
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6 of one (1) year, unless otherwise revoked or suspended by the
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7 Administrator as provided in the Oklahoma Secure and Fair
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8 Enforcement for Mortgage Licensing Act.
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9 H. The Administrator, on determining that the applicant is
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10 qualified and upon payment of the fees by the applicant, shall issue
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11 a license to the applicant. An applicant who has been denied a
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12 license may not reapply for the license for sixty (60) days from the
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13 date of the previous application. A new license issued on or after
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14 November 1 shall be effective through December 31 of the following
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15 calendar year.
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16 I. A licensee shall pay the renewal fee on or before December
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17 1. If the license is not renewed by December 1, the licensee shall
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18 pay a late renewal fee as prescribed by rule of the Commission on
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19 Consumer Credit. Licenses not renewed by December 31 shall expire
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20 and the licensee shall not act as a mortgage broker, mortgage lender
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21 or mortgage loan originator until a new license is issued pursuant
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22 to the Oklahoma Secure and Fair Enforcement for Mortgage Licensing
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23 Act. A license shall not be granted to the holder of an expired
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24 license except as provided in the Oklahoma Secure and Fair
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1 Enforcement for Mortgage Licensing Act for the issuance of an
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2 original license.
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3 J. A licensee shall prominently display the mortgage broker,
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4 mortgage lender or mortgage loan originator license in the principal
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5 place of business of the mortgage broker, mortgage lender or
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6 mortgage loan originator and any branch office of the mortgage
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7 broker or mortgage lender.
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8 K. 1. An applicant for a mortgage broker or mortgage lender
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9 license shall pay a fee of One Thousand Two Hundred Dollars
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10 ($1,200.00). This fee shall cover the application fee and
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11 examination fee for all registered locations, including any changes
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12 of address.
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13 2. Mortgage broker or mortgage lender licenses may be renewed
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14 by submitting an annual assessment fee of One Thousand Dollars
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15 ($1,000.00). Mortgage lender licenses shall be renewed by
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16 submitting an annual assessment fee. The mortgage lender annual
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17 assessment fee shall:
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18 a. be based on the dollar volume of loans originated for
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19 residential real property located in Oklahoma during
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20 the twelve-month period ending June 30,
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21 b. be based on the dollar volume of loans serviced for
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22 residential real property located in Oklahoma as
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23 reported on the Q2 mortgage call report for the period
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24 ending on June 30,
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Req. No. 439 Page 5
1 c. be determined by applying a factor of eight-
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2 thousandths of a percent (0.008%) of the dollar volume
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3 of loans originated and the dollar volume of loans
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4 serviced in Oklahoma, and
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5 d. cover:
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6 (1) the renewal fee for the principal office and any
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7 branches, and
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8 (2) any examination-related costs incurred by the
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9 Department of Consumer Credit.
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10 3. Beginning November 1, 2024, the annual assessment fee shall
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11 not be:
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12 a. less than One Thousand Dollars ($1,000.00),
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13 b. more than Forty Thousand Dollars ($40,000.00) for the
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14 portion of the assessment calculated according to
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15 subparagraph a of paragraph 2 of this subsection, nor
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16 c. more than Seventeen Thousand Five Hundred Dollars
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17 ($17,500.00) for the portion of the assessment
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18 calculated according to subparagraph b of paragraph 2
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19 of this subsection.
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20 4. Beginning November 1, 2025, the annual assessment fee shall
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21 not be:
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22 a. less than One Thousand Dollars ($1,000.00),
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1 b. more than Forty Thousand Dollars ($40,000.00) for the
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2 portion of the assessment calculated according to
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3 subparagraph a of paragraph 2 of this subsection, nor
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4 c. more than Twenty-seven Thousand Five Hundred Dollars
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5 ($27,500.00) for the portion of the assessment
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6 calculated according to subparagraph b of paragraph 2
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7 of this subsection.
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8 5. Beginning November 1, 2026, the annual assessment fee shall
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9 not be:
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10 a. less than One Thousand Dollars ($1,000.00),
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11 b. more than Forty Thousand Dollars ($40,000.00) for the
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12 portion of the assessment calculated according to
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13 subparagraph a of paragraph 2 of this subsection, nor
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14 c. more than Thirty-five Thousand Dollars ($35,000.00)
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15 for the portion of the assessment calculated according
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16 to subparagraph b of paragraph 2 of this subsection.
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17 6. Beginning November 1, 2027, the annual assessment fee shall
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18 not be:
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19 a. less than One Thousand Dollars ($1,000.00),
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20 b. more than Forty Thousand Dollars ($40,000.00) for the
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21 portion of the assessment calculated according to
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22 subparagraph a of paragraph 2 of this subsection, nor
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Req. No. 439 Page 7
1 c. more than Forty Thousand Dollars ($40,000.00) for the
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2 portion of the assessment calculated according to
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3 subparagraph b of paragraph 2 of this subsection.
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4 7. A late renewal fee shall be as prescribed by rule of the
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5 Commission on Consumer Credit.
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6 8. Branch offices shall be registered with the Department and
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7 shall be accompanied by an initial registration fee of One Hundred
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8 Fifty Dollars ($150.00).
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9 9. A fee as prescribed by rule of the Commission on Consumer
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10 Credit shall be charged for each license change, duplicate license
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11 or returned check.
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12 10. A fee as prescribed by rule of the Commission on Consumer
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13 Credit shall be paid by applicants and licensees into the Oklahoma
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14 Mortgage Broker and Mortgage Loan Originator Recovery Fund as
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15 provided for in Section 2095.20 of this title for each initial
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16 application and each renewal application.
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17 11. Each additional trade name used by a licensee shall be
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18 registered with the Department and shall be accompanied by an
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19 initial registration fee of One Hundred Fifty Dollars ($150.00).
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20 12. The Administrator of Consumer Credit may reinstate a
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21 license within thirty-one (31) days of the expiration of the license
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22 if the licensee pays the assessment fees and a reinstatement fee of
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23 Five Hundred Dollars ($500.00). A licensee shall not be reinstated
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24 when the renewal application, fees, or any required information is
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Req. No. 439 Page 8
1 received on or after February 1 of the following year that the
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2 renewal application was due.
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3 13. The Administrator may reduce annual assessment fees on a
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4 pro rata basis for a specific renewal period by reducing the factor
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5 applied to the dollar volume of loans originated and serviced. The
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6 Administrator shall notify licensees of an annual assessment fee
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7 reduction prior to November 1 of the specific license renewal
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8 period. An annual assessment fee does not include an initial
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9 license fee for purposes of this subsection.
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10 L. 1. An applicant for an initial mortgage loan originator
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11 license shall pay a fee of Four Hundred Fifty Dollars ($450.00).
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12 2. An applicant renewing a mortgage loan originator license
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13 shall pay a fee of Two Hundred Fifty Dollars ($250.00).
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14 3. A late renewal fee shall be as prescribed by rule of the
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15 Commission on Consumer Credit.
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16 4. A fee as prescribed by rule of the Commission shall be paid
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17 by applicants and licensees into the Oklahoma Mortgage Broker and
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18 Mortgage Loan Originator Recovery Fund, as provided in Section
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19 2095.20 of this title, for each initial application and each renewal
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20 application.
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21 SECTION 2. This act shall become effective November 1, 2025.
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23 60-1-748 CAD 1/16/2025 3:01:31 PM
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Req. No. 439 Page 9Every fact on this page links to its source, starting with the official bill record.