Oklahoma HB 1883: Professions and occupations; mortgage broker annual fees; effective date.

Bill Text

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STATE OF OKLAHOMA

1st Session of the 60th Legislature (2025)

HOUSE BILL 1883 By: May

AS INTRODUCED

An Act relating to professions and occupations;
amending 59 O.S. 2021, Section 2095.6, as amended by
Section 4, Chapter 218, O.S.L. 2024 (59 O.S. Supp.
2024, Section 2095.6), which relates to mortgage
lender licensing and registration; modifying the
annual fee for mortgage broker licenses; and
providing an effective date.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 59 O.S. 2021, Section 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 shall 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

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and Registry to collect and maintain records and process transaction
fees or other fees related to licensees or other entities 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, 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 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 mortgage lender, the applicant shall, at a
minimum, furnish to the Nationwide Multistate Licensing System and

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Registry information concerning each owner, officer, director or
partner, as applicable 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, 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

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purposes of subparagraphs a and 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
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 suspended 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