{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-2095.7","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-2095.7","heading":"Findings required for issuance of a mortgage loan","body":"originator license – Definitions.\n\nA. The Administrator of Consumer Credit shall not issue a\n\nmortgage loan originator license unless the Administrator makes at a\n\nminimum the following findings:\n\n1. The applicant has never had a mortgage loan originator\n\nlicense revoked in any governmental jurisdiction, except that a\n\nsubsequent formal vacation of such revocation shall not be deemed a\n\nrevocation;\n\n2. The applicant has not been convicted of, or pled guilty or\n\nnolo contendere to a felony crime that substantially relates to the\n\noccupation of a mortgage loan originator and poses a reasonable\n\nthreat to public safety in a domestic, 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 has 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 loan originator\n\nwill operate honestly, fairly and efficiently within the purposes of\n\nthe Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act.\n\nFor purposes of this paragraph, an individual has shown that he or\n\nshe is not financially responsible when he or she has shown a\n\ndisregard in the management of his or her own financial condition.\n\nA determination that an individual has not shown financial\n\nresponsibility 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. pattern of seriously delinquent accounts within the\n\npast three (3) years;\n\n4. The applicant has completed the prelicensing education\n\nrequirement described in Section 2095.8 of this title;\n\n5. The applicant has passed a written test that meets the test\n\nrequirement described in Section 2095.9 of this title;\n\n6. 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\n7. The applicant is sponsored by a licensed mortgage broker or\n\nmortgage lender. The Administrator of Consumer Credit may authorize\n\nan entity exempt from the requirements of the Oklahoma Secure and\n\nFair Enforcement for Mortgage Licensing Act to sponsor an applicant\n\nthat is an independent contractor of the exempt entity. The\n\nAdministrator of Consumer Credit may promulgate administrative\n\nrules, subject to approval of the Commission on Consumer Credit, to\n\nimplement sponsorship procedures and requirements.\n\nB. 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":"4b3ead52fa9439b14b695ae49b094fce8ef12e0acd7ada7cd63947c6bd4dcd38","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-2095.6","next":"us-ok/okla.-stat.-tit.-59-59-2095.8"},"notice":"GroundRules: Original legal text. Not legal advice."}