{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-2095.6","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-2095.6","heading":"License and registration - Application and renewal -","body":"Fees.\n\nA. Applicants for a license shall apply on a form as prescribed\n\nby the Administrator of Consumer Credit.\n\nB. In order to fulfill the purposes of the Oklahoma Secure and\n\nFair Enforcement for Mortgage Licensing Act, the Administrator is\n\nauthorized to establish relationships or contracts with the\n\nNationwide Multistate Licensing System and Registry or other\n\nentities designated by the Nationwide Multistate Licensing System\n\nand Registry to collect and maintain records and process transaction\n\nfees or other fees related to licensees or other entities or\n\nindividuals subject to the Oklahoma Secure and Fair Enforcement for\n\nMortgage Licensing Act.\n\nC. In connection with an application for licensing as a\n\nmortgage loan originator, the applicant shall, at a minimum, furnish\n\nto the Nationwide Multistate Licensing System and Registry\n\ninformation concerning the applicant’s identity including:\n\n1. Fingerprints for submission to the Federal Bureau of\n\nInvestigation and any governmental agency or entity authorized to\n\nreceive such information for a state, national and international\n\ncriminal history background check; and\n\n2. Personal history and experience in a form prescribed by the\n\nNationwide Multistate Licensing System and Registry and the\n\nAdministrator to obtain:\n\na. an independent credit report obtained from a consumer\n\nreporting agency defined in 15 U.S.C., Section\n\n1681a(p), and\n\nb. information related to any administrative, civil or\n\ncriminal findings by any governmental jurisdiction.\n\nD. In connection with an application for licensing as a\n\nmortgage broker or mortgage lender, the applicant shall, at a\n\nminimum, furnish to the Nationwide Multistate Licensing System and\n\nRegistry information concerning each owner, officer, director or\n\npartner, as applicable including:\n\n1. Fingerprints for submission to the Federal Bureau of\n\nInvestigation and any governmental agency or entity authorized to\n\nreceive such information for a state, national and international\n\ncriminal history background check; and\n\n2. Personal history and experience in a form prescribed by the\n\nNationwide Multistate Licensing System and Registry and the\n\nAdministrator to obtain:\n\na. an independent credit report obtained from a consumer\n\nreporting agency described in 15 U.S.C., Section\n\n1681a(p), and\n\nb. information related to any administrative, civil or\n\ncriminal findings by any governmental jurisdiction.\n\nE. For purposes of this section and in order to reduce points\n\nof contact which the Federal Bureau of Investigation may have to\n\nmaintain for purposes of paragraph 1 and subparagraph b of paragraph\n\n2 of subsection D of this section, the Administrator may use the\n\nNationwide Multistate Licensing System and Registry as a channeling\n\nagent for requesting information from and distributing information\n\nto the United States Department of Justice or any governmental\n\nagency.\n\nF. For the purposes of this section and in order to reduce the\n\npoints of contact which the Administrator may have to maintain for\n\npurposes of subparagraphs a and b of paragraph 2 of subsection D of\n\nthis section, the Administrator may use the Nationwide Multistate\n\nLicensing System and Registry as a channeling agent for requesting\n\nand distributing information to and from any source so directed by\n\nthe Administrator.\n\nG. A license issued under the Oklahoma Secure and Fair\n\nEnforcement for Mortgage Licensing Act shall be valid for a period\n\nof one (1) year, unless otherwise revoked or suspended by the\n\nAdministrator as provided in the Oklahoma Secure and Fair\n\nEnforcement for Mortgage Licensing Act.\n\nH. The Administrator, on determining that the applicant is\n\nqualified and upon payment of the fees by the applicant, shall issue\n\na license to the applicant. An applicant who has been denied a\n\nlicense may not reapply for the license for sixty (60) days from the\ntherwise revoked or suspended by the\n\nAdministrator as provided in the Oklahoma Secure and Fair\n\nEnforcement for Mortgage Licensing Act.\n\nH. The Administrator, on determining that the applicant is\n\nqualified and upon payment of the fees by the applicant, shall issue\n\na license to the applicant. An applicant who has been denied a\n\nlicense may not reapply for the license for sixty (60) days from the\n\ndate of the previous application. A new license issued on or after\n\nNovember 1 shall be effective through December 31 of the following\n\ncalendar year.\n\nI. A licensee shall pay the renewal fee on or before December\n\n1. If the license is not renewed by December 1, the licensee shall\n\npay a late renewal fee as prescribed by rule of the Commission on\n\nConsumer Credit. Licenses not renewed by December 31 shall expire\n\nand the licensee shall not act as a mortgage broker, mortgage lender\n\nor mortgage loan originator until a new license is issued pursuant\n\nto the Oklahoma Secure and Fair Enforcement for Mortgage Licensing\n\nAct. A license shall not be granted to the holder of an expired\n\nlicense except as provided in the Oklahoma Secure and Fair\n\nEnforcement for Mortgage Licensing Act for the issuance of an\n\noriginal license.\n\nJ. A licensee shall prominently display the mortgage broker,\n\nmortgage lender or mortgage loan originator license in the principal\n\nplace of business of the mortgage broker, mortgage lender or\n\nmortgage loan originator and any branch office of the mortgage\n\nbroker or mortgage lender.\n\nK. 1. An applicant for a mortgage broker or mortgage lender\n\nlicense shall pay a fee of One Thousand Two Hundred Dollars\n\n($1,200.00). This fee shall cover the application fee and\n\nexamination fee for all registered locations, including any changes\n\nof address.\n\n2. Mortgage broker or mortgage lender licenses may be renewed\n\nby submitting an annual assessment fee. The annual assessment fee\n\nshall:\n\na. be based on the dollar volume of loans originated for\n\nresidential real property located in Oklahoma during\n\nthe twelve-month period ending June 30,\n\nb. be based on the dollar volume of loans serviced for\n\nresidential real property located in Oklahoma as\n\nreported on the Q2 mortgage call report for the period\n\nending on June 30,\n\nc. be determined by applying a factor of eight-\n\nthousandths of a percent (0.008%) of the dollar volume\n\nof loans originated and the dollar volume of loans\n\nserviced in Oklahoma, and\n\nd. cover:\n\n(1) the renewal fee for the principal office and any\n\nbranches, and\n\n(2) any examination-related costs incurred by the\n\nDepartment of Consumer Credit.\n\n3. Beginning November 1, 2024, the annual assessment fee shall\n\nnot be:\n\na. less than One Thousand Dollars ($1,000.00),\n\nb. more than Forty Thousand Dollars ($40,000.00) for the\n\nportion of the assessment calculated according to\n\nsubparagraph a of paragraph 2 of this subsection, nor\n\nc. more than Seventeen Thousand Five Hundred Dollars\n\n($17,500.00) for the portion of the assessment\n\ncalculated according to subparagraph b of paragraph 2\n\nof this subsection.\n\n4. Beginning November 1, 2025, the annual assessment fee shall\n\nnot be:\n\na. less than One Thousand Dollars ($1,000.00),\n\nb. more than Forty Thousand Dollars ($40,000.00) for the\n\nportion of the assessment calculated according to\n\nsubparagraph a of paragraph 2 of this subsection, nor\n\nc. more than Twenty-seven Thousand Five Hundred Dollars\n\n($27,500.00) for the portion of the assessment\n\ncalculated according to subparagraph b of paragraph 2\n\nof this subsection.\n\n5. Beginning November 1, 2026, the annual assessment fee shall\n\nnot be:\n\na. less than One Thousand Dollars ($1,000.00),\n\nb. more than Forty Thousand Dollars ($40,000.00) for the\n\nportion of the assessment calculated according to\n\nsubparagraph a of paragraph 2 of this subsection, nor\n0.00) for the portion of the assessment\n\ncalculated according to subparagraph b of paragraph 2\n\nof this subsection.\n\n5. Beginning November 1, 2026, the annual assessment fee shall\n\nnot be:\n\na. less than One Thousand Dollars ($1,000.00),\n\nb. more than Forty Thousand Dollars ($40,000.00) for the\n\nportion of the assessment calculated according to\n\nsubparagraph a of paragraph 2 of this subsection, nor\n\nc. more than Thirty-five Thousand Dollars ($35,000.00)\n\nfor the portion of the assessment calculated according\n\nto subparagraph b of paragraph 2 of this subsection.\n\n6. Beginning November 1, 2027, the annual assessment fee shall\n\nnot be:\n\na. less than One Thousand Dollars ($1,000.00),\n\nb. more than Forty Thousand Dollars ($40,000.00) for the\n\nportion of the assessment calculated according to\n\nsubparagraph a of paragraph 2 of this subsection, nor\n\nc. more than Forty Thousand Dollars ($40,000.00) for the\n\nportion of the assessment calculated according to\n\nsubparagraph b of paragraph 2 of this subsection.\n\n7. A late renewal fee shall be as prescribed by rule of the\n\nCommission on Consumer Credit.\n\n8. Branch offices shall be registered with the Department and\n\nshall be accompanied by an initial registration fee of One Hundred\n\nFifty Dollars ($150.00).\n\n9. A fee as prescribed by rule of the Commission on Consumer\n\nCredit shall be charged for each license change, duplicate license\n\nor returned check.\n\n10. A fee as prescribed by rule of the Commission on Consumer\n\nCredit shall be paid by applicants and licensees into the Oklahoma\n\nMortgage Broker and Mortgage Loan Originator Recovery Fund as\n\nprovided for in Section 2095.20 of this title for each initial\n\napplication and each renewal application.\n\n11. Each additional trade name used by a licensee shall be\n\nregistered with the Department and shall be accompanied by an\n\ninitial registration fee of One Hundred Fifty Dollars ($150.00).\n\n12. The Administrator of Consumer Credit may reinstate a\n\nlicense within thirty-one (31) days of the expiration of the license\n\nif the licensee pays the assessment fees and a reinstatement fee of\n\nFive Hundred Dollars ($500.00). A licensee shall not be reinstated\n\nwhen the renewal application, fees, or any required information is\n\nreceived on or after February 1 of the following year that the\n\nrenewal application was due.\n\n13. The Administrator may reduce annual assessment fees on a\n\npro rata basis for a specific renewal period by reducing the factor\n\napplied to the dollar volume of loans originated and serviced. The\n\nAdministrator shall notify licensees of an annual assessment fee\n\nreduction prior to November 1 of the specific license renewal\n\nperiod. An annual assessment fee does not include an initial\n\nlicense fee for purposes of this subsection.\n\nL. 1. An applicant for an initial mortgage loan originator\n\nlicense shall pay a fee of Four Hundred Fifty Dollars ($450.00).\n\n2. An applicant renewing a mortgage loan originator license\n\nshall pay a fee of Two Hundred Fifty Dollars ($250.00).\n\n3. A late renewal fee shall be as prescribed by rule of the\n\nCommission on Consumer Credit.\n\n4. A fee as prescribed by rule of the Commission shall be paid\n\nby applicants and licensees into the Oklahoma Mortgage Broker and\n\nMortgage Loan Originator Recovery Fund, as provided in Section\n\n2095.20 of this title, for each initial application and each renewal\n\napplication.","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":"1ae22b20de3b6cfe105cb7d6cc8b0469f41288883f6fc2ea646dd2af38ba7f06","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-2095.5","next":"us-ok/okla.-stat.-tit.-59-59-2095.7"},"notice":"GroundRules: Original legal text. Not legal advice."}