The bill amends the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act, specifically updating Section 2095.6 regarding licensing and registration processes for mortgage brokers, lenders, and loan originators. Key changes include the establishment of a new annual renewal fee of One Thousand Dollars ($1,000.00) for mortgage broker licenses, while the previous language referring to "mortgage lender" licenses has been deleted. The bill also introduces a structured assessment fee system for mortgage lenders based on the dollar volume of loans originated and serviced, with specific caps on the fees for future years.

Additionally, the bill outlines the requirements for applicants, including the submission of fingerprints for background checks and personal history information. It specifies that licenses will be valid for one year and must be renewed by December 1, with late fees applicable if not renewed on time. The Administrator of Consumer Credit is granted authority to adjust fees and manage the licensing process through the Nationwide Multistate Licensing System and Registry. The act is set to take effect on November 1, 2025.

Statutes affected:
Introduced: 59-2095.6