Oklahoma § 59-2095.23 - Authority to conduct investigations and examinations

§ 59-2095.23. Authority to conduct investigations and examinations

A. In addition to any authority allowed under the Oklahoma

Secure and Fair Enforcement for Mortgage Licensing Act, the

Oklahoma Statutes - Title 59. Professions and Occupations

Administrator of Consumer Credit shall have the authority to conduct

investigations and examinations of the following:

1. Criminal, civil and administrative history information,

including nonconviction data;

2. Personal history and experience information including

independent credit reports obtained from a consumer reporting agency

described in 15 U.S.C., Section 1681a(p);

3. The financial condition and internal management policies and

procedures of any entity licensed or required to be licensed as a

mortgage lender for purposes of determining that the entity is

operating honestly, fairly and efficiently within the purposes of

the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act;

and

4. Any other documents, information or evidence the

Administrator deems relevant to the inquiry or investigation

regardless of the location, possession, control or custody of such

documents, information or evidence.

B. For the purposes of investigating violations or complaints

arising under the Oklahoma Secure and Fair Enforcement for Mortgage

Licensing Act or for the purposes of examination, the Administrator

may review, investigate or examine any licensee or entity or

individual subject to the Oklahoma Secure and Fair Enforcement for

Mortgage Licensing Act, as often as necessary in order to carry out

the purposes of the Oklahoma Secure and Fair Enforcement for

Mortgage Licensing Act. The Administrator may direct, subpoena or

order the attendance of and examine under oath all individuals whose

testimony may be required about the loans or the business or subject

matter of any such examination or investigation and may direct,

subpoena or order such individual to produce books, accounts,

records, files and any other documents the Administrator deems

relevant to the inquiry. Any examination or investigation report

and any information obtained during an examination or investigation

shall not be subject to disclosure under the Oklahoma Open Records

Act. However, any examination or investigation report and any

information obtained during an examination or investigation shall be

subject to disclosure pursuant to a court order and may also be

disclosed in an individual proceeding and any order issued pursuant

to the Oklahoma Secure and Fair Enforcement for Mortgage Licensing

Act.

C. Each licensee or entity or individual subject to the

Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act

shall make available to the Administrator, upon request, any books

and records relating to the requirements of the Oklahoma Secure and

Fair Enforcement for Mortgage Licensing Act. The Administrator

shall have access to such books and records and interview the

officers, principals, mortgage loan originators, employees,

independent contractors, agents and customers of the licensee,

Oklahoma Statutes - Title 59. Professions and Occupations

entities or individual subject to the Oklahoma Secure and Fair

Enforcement for Mortgage Licensing Act concerning the requirements

of the Oklahoma Secure and Fair Enforcement for Mortgage Licensing

Act. Books and records shall be maintained for a period of time

required by rule of the Administrator.

D. Each licensee or entity or individual subject to the

Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act

shall make or compile reports or prepare other information as

directed by the Administrator in order to carry out the purposes of

this section including, but not limited to:

1. Accounting compilations;

2. Information lists and data concerning loan transactions in a

format prescribed by the Administrator; or

3. Such other information deemed necessary to carry out the

purposes of this section.

E. In making any examination or investigation authorized by the

Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act, the

Administrator may control access to any documents and records of the

licensee or entity or individual under examination or investigation.

The Administrator may take possession of the documents and records

or place an entity or individual in exclusive charge of the

documents and records in the place where they are usually kept.

During the period of control, no entity or individual shall remove

or attempt to remove any of the documents and records except

pursuant to a court order or with the consent of the Administrator.

Unless the Administrator has reasonable grounds to believe the

documents or records of the licensee have been, or are at risk of

being, altered or destroyed for purposes of concealing a violation

of the Oklahoma Secure and Fair Enforcement for Mortgage Licensing

Act, the licensee or owner of the documents and records shall have

access to the documents or records as necessary to conduct its

ordinary business affairs.

F. In order to carry out the purposes of this section, the

Administrator may:

1. Retain attorneys, accountants, or other professionals and

specialists as examiners, auditors or investigators to conduct or

assist in the conduct of examinations or investigations;

2. Enter into agreements or relationships with other government

officials or regulatory associations in order to improve

efficiencies and reduce regulatory burden by sharing resources,

standardized or uniform methods or procedures and documents,

records, information or evidence obtained under this section;

3. Use, hire, contract or employ public or privately available

analytical systems, methods or software to examine or investigate

the licensee, entity or individual subject to the Oklahoma Secure

and Fair Enforcement for Mortgage Licensing Act;

Oklahoma Statutes - Title 59. Professions and Occupations

4. Accept and rely on examination or investigation reports made

by other government officials, within or without this state;

5. Accept audit reports made by an independent certified public

accountant for the licensee or entity or individual subject to the

Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act in

the course of that part of the examination covering the same general

subject matter as the audit and may incorporate the audit report in

the report of the examination, report of investigation or other

writing of the Administrator; or

6. Participate in multistate mortgage examinations as scheduled

by the Multistate Mortgage Committee established by the Conference

of State Bank Supervisors and the American Association of

Residential Mortgage Regulators.

G. The authority of this section shall remain in effect,

whether such a licensee or entity or individual subject to the

Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act acts

or claims to act under any licensing or registration law of this

state or claims to act without such authority.

H. No licensee or entity or individual subject to investigation

or examination under this section may knowingly withhold, abstract,

remove, mutilate, destroy or secrete any books, records, computer

records or other information.

Added by Laws 2009, c. 190, § 26, eff. July 1, 2009. Amended by

Laws 2010, c. 415, § 31, eff. July 1, 2010; Laws 2013, c. 98, § 13,

eff. Nov. 1, 2013; Laws 2024, c. 218, § 19, eff. Nov. 1, 2024.