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 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.
‹ Prev All Oklahoma sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.