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

Oklahoma § 59-2095.7

• Jurisdiction: Oklahoma
• Title 59: Professions And Occupations

Text

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; 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.

Legislative History

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.