{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-2095.16","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-2095.16","heading":"Trust account","body":"A. A mortgage broker or mortgage loan originator shall deposit,\n\nprior to the end of the next business day, all monies received from\n\nborrowers for third-party provider services in a trust account of a\n\nfederally insured financial institution. The trust account shall be\n\ndesignated and maintained for the benefit of borrowers. Monies\n\nmaintained in the trust account shall be exempt from execution,\n\nattachment, or garnishment. A mortgage broker or mortgage loan\n\noriginator shall not in any way encumber the corpus of the trust\n\naccount or commingle any other operating funds with trust account\n\nfunds.\n\nB. Withdrawals from the trust account shall be only for the\n\npayment of bona fide services rendered by a third-party provider or\n\nfor refunds to borrowers. Any interest earned on the trust account\n\nshall be refunded or credited to the borrowers at closing. Any\n\nmonies remaining in the trust account after payment to third-party\n\nproviders shall be refunded to the borrower.\n\nC. The mortgage broker or mortgage loan originator shall pay\n\nthird-party providers no later than thirty (30) days after\n\ncompletion of the third-party service.\n\nD. A mortgage broker or mortgage loan originator shall maintain\n\naccurate, current, and readily available records of the trust\n\naccount until at least three (3) years have elapsed following the\n\neffective period to which the records relate. The records shall be\n\nsubject to audit by the Administrator of Consumer Credit pursuant to\n\nan examination or investigation.\n\nE. The provisions of this section shall not apply to a\n\ndepository institution as defined in Section 2095.2 of this title,\n\nits subsidiaries and affiliates or any employee or exclusive agent\n\nthereof.","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":"a8d2550b5b3aa4f3e26f30b40396061ff1d45fb26e14575aba5485b947b764d0","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-2095.15","next":"us-ok/okla.-stat.-tit.-59-59-2095.17"},"notice":"GroundRules: Original legal text. Not legal advice."}