Oklahoma § 59-2095.7 - Findings required for issuance of a mortgage loan

§ 59-2095.7. Findings required for issuance of a mortgage loan

originator license – Definitions.

A. The Administrator of Consumer Credit shall not issue a

mortgage loan originator license unless the Administrator makes at a

minimum the following findings:

1. The applicant has never had a mortgage loan originator

license revoked in any governmental jurisdiction, except that a

subsequent formal vacation of such revocation shall not be deemed a

revocation;

2. The applicant has not been convicted of, or pled guilty or

nolo contendere to a felony crime that substantially relates to the

occupation of a mortgage loan originator and poses a reasonable

threat to public safety in a domestic, foreign or military court:

a.

during the seven-year period preceding the date of the

application for licensing and registration, or

b.

at any time preceding such date of application, if

such felony involved an act of fraud, dishonesty, a

breach of trust or money laundering.

Provided, that any pardon of a conviction shall not be a

conviction for purposes of this paragraph;

Oklahoma Statutes - Title 59. Professions and Occupations

3. The applicant has demonstrated financial responsibility and

general fitness such as to command the confidence of the community

and to warrant a determination that the mortgage loan originator

will operate honestly, fairly and efficiently within the purposes of

the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act.

For purposes of this paragraph, an individual has shown that he or

she is not financially responsible when he or she has shown a

disregard in the management of his or her own financial condition.

A determination that an individual has not shown financial

responsibility may include, but not be limited to:

a.

current outstanding judgments, except judgments solely

as a result of medical expenses,

b.

current outstanding tax liens or other government

liens and filings,

c.

foreclosures within the past three (3) years, or

d.

pattern of seriously delinquent accounts within the

past three (3) years;

4. The applicant has completed the prelicensing education

requirement described in Section 2095.8 of this title;

5. The applicant has passed a written test that meets the test

requirement described in Section 2095.9 of this title;

6. The applicant has paid into the Oklahoma Mortgage Broker and

Mortgage Loan Originator Recovery Fund as required by paragraph 10

of subsection K of Section 2095.6 of this title; and

7. The applicant is sponsored by a licensed mortgage broker or

mortgage lender. The Administrator of Consumer Credit may authorize

an entity exempt from the requirements of the Oklahoma Secure and

Fair Enforcement for Mortgage Licensing Act to sponsor an applicant

that is an independent contractor of the exempt entity. The

Administrator of Consumer Credit may promulgate administrative

rules, subject to approval of the Commission on Consumer Credit, to

implement sponsorship procedures and requirements.

B. As used in this section:

1. “Substantially relates” means the nature of criminal conduct

for which the person was convicted has a direct bearing on the

fitness or ability to perform one or more of the duties or

responsibilities necessarily related to the occupation; and

2. “Poses a reasonable threat” means the nature of criminal

conduct for which the person was convicted involved an act or threat

of harm against another and has a bearing on the fitness or ability

to serve the public or work with others in the occupation.

Added by Laws 2009, c. 190, § 10, eff. July 1, 2009. Amended by

Laws 2010, c. 415, § 28, eff. July 1, 2010; Laws 2013, c. 98, § 5,

eff. Nov. 1, 2013; Laws 2019, c. 363, § 69, eff. Nov. 1, 2019; Laws

2024, c. 218, § 5, eff. Nov. 1, 2024.