Oklahoma § 59-2095.5 - License and registration requirements - Independent

§ 59-2095.5. License and registration requirements - Independent

contractors - Rules and procedures.

A. 1. An entity or individual, unless specifically exempted

from the Oklahoma Secure and Fair Enforcement for Mortgage Licensing

Act, as provided in Section 2095.3 of this title, shall not engage

in the business of a mortgage broker, mortgage lender or mortgage

loan originator with respect to any dwelling located in this state

without first obtaining and maintaining annually a license under the

Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act.

Each licensed mortgage broker, mortgage lender and mortgage loan

originator must register with and maintain a valid unique identifier

issued by the Nationwide Multistate Licensing System and Registry.

2. In order to facilitate an orderly transition to licensing

and minimize disruption in the mortgage marketplace, the effective

date for licensing all entities and individuals as provided in this

subsection, including those currently licensed as mortgage brokers

or mortgage loan originators, shall be July 31, 2010, or such later

date approved by the Secretary of the U.S. Department of Housing and

Urban Development, pursuant to the authority granted under 12

U.S.C., Section 5107.

B. A loan processor or underwriter who is an independent

contractor may not engage in the activities of a loan processor or

underwriter unless such independent contractor loan processor or

underwriter obtains and maintains a license as required by the

Oklahoma Statutes - Title 59. Professions and Occupations

Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act.

Each independent contractor loan processor or underwriter licensed

as a mortgage broker or mortgage loan originator must have and

maintain a valid unique identifier issued by the Nationwide

Multistate Licensing System and Registry.

C. For the purposes of implementing an orderly and efficient

licensing process, the Administrator of Consumer Credit may

establish licensing rules, upon approval by the Commission on

Consumer Credit, and the Administrator may establish interim

procedures for licensing and acceptance of applications. For

previously registered or licensed entities or individuals, the

Administrator may establish expedited review and licensing

procedures.

Added by Laws 2009, c. 190, § 8, eff. July 1, 2009. Amended by Laws

2010, c. 415, § 26, eff. July 1, 2010; Laws 2013, c. 98, § 3, eff.

Nov. 1, 2013; Laws 2024, c. 218, § 3, eff. Nov. 1, 2024.