{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-2095.11","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-2095.11","heading":"Findings required for issuance of a mortgage broker","body":"license – Definitions.\n\nA. The Administrator of Consumer Credit shall not issue a\n\nmortgage broker license unless the Administrator makes at a minimum\n\nthe following findings:\n\n1. The applicant or any owner, officer, director or partner has\n\nnever had a mortgage broker or mortgage loan originator license\n\nrevoked in any governmental jurisdiction, except that a subsequent\n\nformal vacation of such revocation shall not be deemed a revocation;\n\n2. Any owner, officer, director or partner of the applicant has\n\nnot been convicted of, or pled guilty or nolo contendere to, a\n\nfelony crime that substantially relates to the occupation of a\n\nmortgage broker and poses a reasonable threat to public safety in a\n\ndomestic, foreign or military court:\n\na. during the seven-year period preceding the date of the\n\napplication for licensing and registration, or\n\nb. at any time preceding such date of application, if\n\nsuch felony involved an act of fraud, dishonesty, a\n\nbreach of trust or money laundering.\n\nProvided, that any pardon of a conviction shall not be a\n\nconviction for purposes of this paragraph;\n\n3. The applicant’s owners, officers, directors or partners have\n\ndemonstrated financial responsibility and general fitness such as to\n\ncommand the confidence of the community and to warrant a\n\ndetermination that the mortgage broker will operate honestly, fairly\n\nand efficiently within the purposes of the Oklahoma Secure and Fair\n\nEnforcement for Mortgage Licensing Act. For purposes of this\n\nparagraph, an applicant’s owners, officers, directors or partners\n\nhave shown they are not financially responsible when they have shown\n\na disregard in the management of their own financial condition. A\n\ndetermination that an owner, officer, director or partner has not\n\nshown financial responsibility may include, but not be limited to:\n\na. current outstanding judgments, except judgments solely\n\nas a result of medical expenses,\n\nb. current outstanding tax liens or other government\n\nliens and filings,\n\nc. foreclosures within the past three (3) years, or\n\nd. a pattern of seriously delinquent accounts within the\n\npast three (3) years;\n\n4. The applicant has paid into the Oklahoma Mortgage Broker and\n\nMortgage Loan Originator Recovery Fund as required by paragraph 10\n\nof subsection K of Section 2095.6 of this title; and\n\n5. The applicant has paid all required fees for issuance of the\n\nlicense.\n\nB. Each mortgage broker applicant shall designate and maintain\n\na principal place of business for the transaction of business. The\n\napplicant shall specify the address of the principal place of\n\nbusiness and designate a licensed mortgage loan originator to\n\noversee the operations of the principal place of business. If an\n\napplicant wishes to maintain one or more branch offices for the\n\ntransaction of business in addition to a principal place of\n\nbusiness, the applicant shall first register the branch office\n\nlocation with the Administrator and designate a licensed mortgage\n\nloan originator for each branch office to oversee the operations of\n\nthat branch office. The applicant shall submit a fee as set forth\n\nin paragraph 8 of subsection K of Section 2095.6 of this title for\n\neach branch office registered. If the address of the principal\n\nplace of business or of any branch office is changed, the licensee\n\nshall immediately notify the Administrator of the change and the\n\nAdministrator shall endorse the change of address on the license for\n\na fee as prescribed in paragraph 6 of subsection K of Section 2095.6\n\nof this title.\n\nC. As used in this section:\n\n1. “Substantially relates” means the nature of criminal conduct\n\nfor which the person was convicted has a direct bearing on the\n\nfitness or ability to perform one or more of the duties or\n\nresponsibilities necessarily related to the occupation; and\n\n2. “Poses a reasonable threat” means the nature of criminal\naragraph 6 of subsection K of Section 2095.6\n\nof this title.\n\nC. As used in this section:\n\n1. “Substantially relates” means the nature of criminal conduct\n\nfor which the person was convicted has a direct bearing on the\n\nfitness or ability to perform one or more of the duties or\n\nresponsibilities necessarily related to the occupation; and\n\n2. “Poses a reasonable threat” means the nature of criminal\n\nconduct for which the person was convicted involved an act or threat\n\nof harm against another and has a bearing on the fitness or ability\n\nto serve the public or work with others in the occupation.","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":"a17fbedfe370215cbfc8dc0c4e7900559f78d75f99dad6128d036c39bc9ea725","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-2095.10","next":"us-ok/okla.-stat.-tit.-59-59-2095.11.1"},"notice":"GroundRules: Original legal text. Not legal advice."}