{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-2095.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-2095.1","heading":"Legislative findings","body":"\n\nThe activities of mortgage brokers, mortgage lenders, and\n\nmortgage loan originators and the origination, offering,\n\nservicing or modification of financing for residential real\n\nproperty have a direct, valuable, and immediate impact\n\nupon Oklahoma's consumers, the Oklahoma economy, the\n\nneighborhoods and communities of Oklahoma, and the\n\nhousing and real estate industry. Therefore, the\n\nLegislature finds that accessibility to mortgage credit is\n\nvital to the state's citizens. The Legislature also finds that\n\nit is essential for the protection of the citizens of\n\nOklahoma and the stability of the Oklahoma economy that\n\nreasonable standards for licensing and regulation of the\n\nbusiness practices of mortgage brokers, mortgage\n\nlenders, and mortgage loan originators be imposed. The\n\nLegislature further finds that the obligations of mortgage\n\nbrokers, mortgage lenders, and mortgage loan originators\n\nto consumers in connection with originating or making,\n\nmodifying or servicing residential mortgage loans are\n\nsuch as to warrant the regulation of the mortgage lending\n\nand servicing process. The purpose of the Oklahoma\n\nSecure and Fair Enforcement for Mortgage Licensing Act\n\nis to protect consumers seeking mortgage loans and to\n\nensure that the mortgage lending and servicing industry\n\nis operating without unfair, deceptive, and fraudulent\n\npractices on the part of mortgage brokers, mortgage\n\nlenders, and mortgage loan originators. Therefore, the\n\nLegislature establishes within the Oklahoma Secure and\n\nFair Enforcement for Mortgage Licensing Act:\n\n1. An effective system of supervision and enforcement of the\n\nmortgage lending and servicing industry, including:\n\na. the authority to issue licenses to conduct business\n\nunder this act, including the authority to write rules\n\nor regulations or adopt procedures necessary to the\n\nlicensing of entities or individuals covered pursuant\n\nto the Oklahoma Secure and Fair Enforcement for\n\nMortgage Licensing Act,\n\nb. the authority to censure, deny, place on probation,\n\nsuspend or revoke licenses issued pursuant to the\n\nOklahoma Secure and Fair Enforcement for Mortgage\n\nLicensing Act, and\n\nc. the authority to examine, investigate, and conduct\n\nenforcement actions as necessary to carry out the\n\nintended purposes of the Oklahoma Secure and Fair\n\nEnforcement for Mortgage Licensing Act, including the\n\nauthority to subpoena witnesses and documents, enter\n\norders, including cease and desist orders, order\n\nrestitution and monetary penalties, and order the\n\nremoval and ban of individuals from office or\n\nemployment; and\n\n2. Broad administrative authority for the Administrator of\n\nConsumer Credit to administer, interpret, and enforce the Oklahoma\n\nSecure and Fair Enforcement for Mortgage Licensing Act and\n\npromulgate rules, subject to approval of the Commission on Consumer\n\nCredit, in order to carry out the intentions of the Legislature.","path":["OK Code","Title 59"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os59.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"3aaf1c1837bbb3e6290c82b4dcb417aafcc216b1623f933dad8336ca4a72b688","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-2095","next":"us-ok/okla.-stat.-tit.-59-59-2095.10"},"notice":"GroundRules: Original legal text. Not legal advice."}