It is a violation of the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act for an entity or individual subject to the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act to: 1. Directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders or to defraud any entity or individual; 2. Engage in any unfair or deceptive practice toward any entity or individual; 3. Obtain property by fraud or misrepresentation; 4. Solicit or enter into a contract with a borrower that provides in substance that the entity or individual subject to the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act may earn a fee or commission through “best efforts” to obtain or modify a loan even though a loan is not actually obtained or modified for the borrower; 5. Solicit, advertise or enter into a contract for specific interest rates, points or other financing terms unless the terms are actually available at the time of soliciting, advertising or contracting; 6. Conduct any business covered by the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act without holding a valid license as required under the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act or assist or aide and abet any entity or individual in the conduct of business under the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act without a valid license as required under the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act; 7. Fail to make disclosures as required by the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act and any other applicable state or federal law including regulations thereunder; 8. Fail to comply with the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act or rules promulgated under the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act or fail to comply with any other state or federal law, including any rules thereunder, applicable to any business authorized or conducted under the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act; 9. Make, in any manner, any false or deceptive statement or representation, including, with regard to the rates, points, or other financing terms or conditions for a residential mortgage loan or engage in bait and switch advertising; 10. Negligently make any false statement or knowingly and willfully make any omission of material fact in connection with any information or reports filed with a governmental agency or the Nationwide Multistate Licensing System and Registry or in connection with any investigation conducted by the Administrator of Consumer Credit or another governmental agency; 11. Make any payment, threat or promise, directly or indirectly, to any entity or individual for the purposes of influencing the independent judgment of the entity or individual in connection with a residential mortgage loan or make any payment, threat or promise, directly or indirectly, to any appraiser of a property, for the purposes of influencing the independent judgment of the appraiser with respect to the value of the property; 12. Collect, charge, attempt to collect or charge or use or propose any agreement purporting to collect or charge any fee prohibited by the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act; 13. Cause or require a borrower to obtain property insurance coverage in an amount that exceeds the replacement cost of the improvements as established by the property insurer; or 14. Fail to truthfully account for monies belonging to a party to a residential mortgage loan transaction.
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