{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-2095.11.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-2095.11.1","heading":"Findings required for issuance of a mortgage lender","body":"license.\n\nThe Administrator of Consumer Credit shall not issue a mortgage\n\nlender license unless the Administrator makes at a minimum the\n\nfollowing findings:\n\n1. The applicant or any owner, officer, director or partner has\n\nnever had a mortgage lender, mortgage broker or mortgage loan\n\noriginator license revoked in any governmental jurisdiction, except\n\nthat a subsequent formal vacation of such revocation shall not be\n\ndeemed 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 lender 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 and the applicant’s owners, officers,\n\ndirectors or partners have demonstrated financial responsibility and\n\ngeneral fitness such as to command the confidence of the community\n\nand to warrant a determination that the mortgage lender will operate\n\nhonestly, fairly and efficiently within the purposes of the Oklahoma\n\nSecure and Fair Enforcement for Mortgage Licensing Act. For\n\npurposes of this paragraph, an applicant’s owners, officers,\n\ndirectors or partners have shown they are not financially\n\nresponsible when they have shown a disregard in the management of\n\ntheir own financial condition. A determination that an owner,\n\nofficer, director or partner has not shown financial responsibility\n\nmay 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 filed a bond in the amount of One Hundred\n\nThousand Dollars ($100,000.00) securing the applicant’s or\n\nlicensee’s faithful performance of all duties and obligations of a\n\nlicensee. The bond shall meet the following requirements:\n\na. the bond shall be in a form acceptable to the\n\nAdministrator,\n\nb. the bond shall be issued by an insurance company\n\nauthorized to conduct business in this state,\n\nc. the bond shall be payable to the Department of\n\nConsumer Credit,\n\nd. the bond is continuous in nature and shall be\n\nmaintained at all times as a condition of licensure,\n\ne. the bond may not be terminated without thirty (30)\n\ndays’ prior written notice to the Administrator and\n\napproval of the Administrator,\n\nf. the bond shall be available for the recovery of\n\nexpenses, civil penalties and fees assessed pursuant\n\nto the Oklahoma Secure and Fair Enforcement for\n\nMortgage Licensing Act and for losses or damages which\n\nare determined by the Administrator to have been\n\nincurred by any borrower or consumer as a result of\n\nthe applicant’s or licensee’s failure to comply with\n\nthe requirements of the Oklahoma Secure and Fair\n\nEnforcement for Mortgage Licensing Act,\n\ng. when an action is commenced on a licensee’s bond, the\n\nAdministrator may require the filing of a new bond,\n\nand\n\nh. whenever the principal sum of the bond is reduced by\n\none or more recoveries or payments thereon, the\n\nlicensee shall furnish a new or additional bond so\n\nthat the total or aggregate principal sum of such bond\n\nor such bonds shall equal One Hundred Thousand Dollars\n\n($100,000.00) or shall furnish an endorsement duly\n\nexecuted by the corporate surety reinstating the bond\ning of a new bond,\n\nand\n\nh. whenever the principal sum of the bond is reduced by\n\none or more recoveries or payments thereon, the\n\nlicensee shall furnish a new or additional bond so\n\nthat the total or aggregate principal sum of such bond\n\nor such bonds shall equal One Hundred Thousand Dollars\n\n($100,000.00) or shall furnish an endorsement duly\n\nexecuted by the corporate surety reinstating the bond\n\nto the required principal sum;\n\n5. The applicant has a net worth of at least Twenty-five\n\nThousand Dollars ($25,000.00) as reflected by an audited financial\n\nstatement prepared by a certified public accountant in accordance\n\nwith generally accepted accounting principles that is accompanied by\n\nan opinion acceptable to the Administrator and is dated within\n\nfifteen (15) months of the date of application;\n\n6. The applicant has paid all required fees for issuance of the\n\nlicense. The license fees for a mortgage lender shall be in the\n\nsame amount as license fees applicable to a mortgage broker;\n\n7. Each mortgage lender applicant shall designate and maintain\n\na principal place of business for the transaction of business. If\n\nthe mortgage lender applicant engages in activity that satisfies the\n\ndefinition of a mortgage broker, the mortgage lender shall designate\n\na licensed mortgage loan originator to oversee the mortgage loan\n\norigination operations of the principal place of business and any\n\nbranch office location where the mortgage lender applicant engages\n\nin activity that satisfies the definition of a mortgage broker. If\n\nan applicant 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. The applicant shall submit a fee\n\nas set forth in paragraph 8 of subsection K of Section 2095.6 of\n\nthis title for each branch office registered. If the address of the\n\nprincipal place of business or of any branch office is changed, the\n\nlicensee shall immediately notify the Administrator of the change\n\nand the Administrator shall endorse the change of address on the\n\nlicense for a fee as prescribed in paragraph 9 of subsection K of\n\nSection 2095.6 of this title; and\n\n8. A separate mortgage broker license is not required for a\n\nmortgage lender that engages in activity that satisfies the\n\ndefinition of a mortgage broker as provided in the Oklahoma Secure\n\nand Fair Enforcement for Mortgage Licensing Act. A mortgage lender\n\nthat engages in activity that satisfies the definition of a mortgage\n\nbroker shall comply with all requirements of the Oklahoma Secure and\n\nFair Enforcement for Mortgage Licensing Act regarding mortgage\n\nbrokers.","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":"fdb4c6fa8a1601a4fa4b22dd73c67bfba012be491491c418b78fa97a2f2260b2","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-2095.11","next":"us-ok/okla.-stat.-tit.-59-59-2095.12"},"notice":"GroundRules: Original legal text. Not legal advice."}