Oklahoma § 59-2095.1

§ 59-2095.1.

Legislative findings.

Oklahoma Statutes - Title 59. Professions and Occupations

The activities of mortgage brokers, mortgage lenders, and

mortgage loan originators and the origination, offering,

servicing or modification of financing for residential real

property have a direct, valuable, and immediate impact

upon Oklahoma's consumers, the Oklahoma economy, the

neighborhoods and communities of Oklahoma, and the

housing and real estate industry. Therefore, the

Legislature finds that accessibility to mortgage credit is

vital to the state's citizens. The Legislature also finds that

it is essential for the protection of the citizens of

Oklahoma and the stability of the Oklahoma economy that

reasonable standards for licensing and regulation of the

business practices of mortgage brokers, mortgage

lenders, and mortgage loan originators be imposed. The

Legislature further finds that the obligations of mortgage

brokers, mortgage lenders, and mortgage loan originators

to consumers in connection with originating or making,

modifying or servicing residential mortgage loans are

such as to warrant the regulation of the mortgage lending

and servicing process. The purpose of the Oklahoma

Secure and Fair Enforcement for Mortgage Licensing Act

is to protect consumers seeking mortgage loans and to

ensure that the mortgage lending and servicing industry

is operating without unfair, deceptive, and fraudulent

practices on the part of mortgage brokers, mortgage

lenders, and mortgage loan originators. Therefore, the

Oklahoma Statutes - Title 59. Professions and Occupations

Legislature establishes within the Oklahoma Secure and

Fair Enforcement for Mortgage Licensing Act:

1. An effective system of supervision and enforcement of the

mortgage lending and servicing industry, including:

a.

the authority to issue licenses to conduct business

under this act, including the authority to write rules

or regulations or adopt procedures necessary to the

licensing of entities or individuals covered pursuant

to the Oklahoma Secure and Fair Enforcement for

Mortgage Licensing Act,

b.

the authority to censure, deny, place on probation,

suspend or revoke licenses issued pursuant to the

Oklahoma Secure and Fair Enforcement for Mortgage

Licensing Act, and

c.

the authority to examine, investigate, and conduct

enforcement actions as necessary to carry out the

intended purposes of the Oklahoma Secure and Fair

Enforcement for Mortgage Licensing Act, including the

authority to subpoena witnesses and documents, enter

orders, including cease and desist orders, order

restitution and monetary penalties, and order the

removal and ban of individuals from office or

employment; and

2. Broad administrative authority for the Administrator of

Consumer Credit to administer, interpret, and enforce the Oklahoma

Secure and Fair Enforcement for Mortgage Licensing Act and

promulgate rules, subject to approval of the Commission on Consumer

Credit, in order to carry out the intentions of the Legislature.

Added by Laws 2009, c. 190, § 4, eff. July 1, 2009. Amended by Laws

2015, c. 320, § 1, eff. Nov. 1, 2015.