Oklahoma § 59-2095.20 - Oklahoma Mortgage Broker and Mortgage Loan Originator

§ 59-2095.20. Oklahoma Mortgage Broker and Mortgage Loan Originator

Recovery Fund - Reimbursement and payments.

A. 1. There is hereby created in the State Treasury a

revolving fund for the Commission on Consumer Credit to be

designated the “Oklahoma Mortgage Broker and Mortgage Loan

Originator Recovery Fund”. The fund shall consist of fees received

by the Administrator of Consumer Credit to be paid into the fund.

2. The revolving fund shall be a continuing fund not subject to

fiscal year limitations and shall be under the administrative

direction of the Administrator. Monies accruing to the credit of

this fund are hereby appropriated and may be budgeted and expended

by the Commission, pursuant to rules promulgated by the Commission,

Oklahoma Statutes - Title 59. Professions and Occupations

for the purposes specified in subsection B of this section. The

provisions of this paragraph shall have retroactive and prospective

application.

3. Expenditures from the fund shall be made upon warrants

issued by the State Treasurer against claims filed as prescribed by

law with the Director of the Office of Management and Enterprise

Services for approval and payment.

B. 1. Subject to the limitations of this subsection, monies in

the fund shall be used to reimburse any entity or individual in an

amount not to exceed Ten Thousand Dollars ($10,000.00) who has been

adjudged by a court of competent jurisdiction to have suffered

monetary damages by an entity or individual required to have a

license under the Oklahoma Secure and Fair Enforcement for Mortgage

Licensing Act in any transaction or series of transactions for which

a license is required under the Oklahoma Secure and Fair Enforcement

for Mortgage Licensing Act because of the acquisition of money or

property by fraud, misrepresentation, deceit, false pretenses,

artifice, trickery, or by any other act which would constitute a

violation of the Oklahoma Secure and Fair Enforcement for Mortgage

Licensing Act.

2. Payments for claims based on judgments against any one

person required to have a license under the Oklahoma Secure and Fair

Enforcement for Mortgage Licensing Act shall not exceed in the

aggregate Sixty Thousand Dollars ($60,000.00).

3. Payments for claims may only be made for a cause of action

which has accrued on or after November 1, 1997, and which has

accrued not more than two (2) years prior to filing the action in

district court.

Added by Laws 2009, c. 190, § 23, eff. July 1, 2009. Amended by

Laws 2012, c. 304, § 292; Laws 2024, c. 218, § 16, eff. Nov. 1,

2024.