Oklahoma § 59-2095.16 - Trust account
Full text of Oklahoma Oklahoma Statutes § 59-2095.16 — Trust account, with citation guidance and answers to common questions.
§ 59-2095.16. Trust account
A. A mortgage broker or mortgage loan originator shall deposit,
prior to the end of the next business day, all monies received from
borrowers for third-party provider services in a trust account of a
federally insured financial institution. The trust account shall be
designated and maintained for the benefit of borrowers. Monies
maintained in the trust account shall be exempt from execution,
attachment, or garnishment. A mortgage broker or mortgage loan
originator shall not in any way encumber the corpus of the trust
account or commingle any other operating funds with trust account
funds.
B. Withdrawals from the trust account shall be only for the
payment of bona fide services rendered by a third-party provider or
for refunds to borrowers. Any interest earned on the trust account
shall be refunded or credited to the borrowers at closing. Any
monies remaining in the trust account after payment to third-party
providers shall be refunded to the borrower.
C. The mortgage broker or mortgage loan originator shall pay
third-party providers no later than thirty (30) days after
completion of the third-party service.
D. A mortgage broker or mortgage loan originator shall maintain
accurate, current, and readily available records of the trust
account until at least three (3) years have elapsed following the
effective period to which the records relate. The records shall be
subject to audit by the Administrator of Consumer Credit pursuant to
an examination or investigation.
E. The provisions of this section shall not apply to a
depository institution as defined in Section 2095.2 of this title,
its subsidiaries and affiliates or any employee or exclusive agent
thereof.
Added by Laws 2009, c. 190, § 19, eff. July 1, 2009. Amended by
Laws 2010, c. 415, § 29, eff. July 1, 2010.
Frequently Asked Questions About Oklahoma § 59-2095.16
What does Oklahoma Statutes § 59-2095.16 cover?
Section 59-2095.16 ("Trust account") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 59-2095.16?
A common citation format is "Oklahoma Statutes § 59-2095.16" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 59-2095.16 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.