59 O.S. § 2085 (OSCN 1998)

Oklahoma Statutes
Cite As: 59 O.S. § 2085 (OSCN 1998)

Title 59. Professions and Occupations

SUPERSEDED

Superseded Effective November 01,1998

Chapter 47
Mortgage Broker Licensure Act
§2085. Requirements for Mortgage Broker License - Validity of License - Fees - Denial.

A. 1. A person of good moral character who has experience in the residential mortgage loan industry or real estate sales or lending industry, or has applicable educational requirements as established by rule of the Commission on Consumer Credit, may make application to the Commission for a mortgage broker license.

2. Application for a mortgage broker license shall be made upon forms prescribed by the Commission and shall be accompanied by a nonrefundable application fee as set by rule of the Commission and any information and documents the Commission may require.

3. Upon approval by the Commission of the application and payment of the license fee provided for in this act the Commission shall issue to the applicant a license which shall authorize the applicant to act as a mortgage broker.

B. A license issued under this act shall be valid for a period of three (3) years, unless otherwise revoked or suspended by the Commission.

C. Initial and renewal license fees shall be Three Hundred Dollars ($300.00) for each three-year period. These fees shall be deposited in the Oklahoma Mortgage Brokers Recovery Fund.

D. A person may be denied a license for any of the causes set forth in subsection B of Section 8 of this act.

E. A residential mortgage broker who holds a current license as of the effective date this act 3 which was issued under the Credit Services Organization Act shall be granted an initial license by the Commission pursuant to the provisions of this section.

Historical Data

Added by Laws 1997, c, 401, § 5, eff. Nov. 1, 1997tempmarker