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An Act
ENROLLED SENATE
BILL NO. 1061 By: Reinhardt of the Senate
and
Moore of the House
An Act relating to the Oklahoma Secure and Fair
Enforcement for Mortgage Licensing Act; amending 59
O.S. 2021, Section 2095.6, as amended by Section 4,
Chapter 218, O.S.L. 2024 (59 O.S. Supp. 2025, Section
2095.6), which relates to license and registration;
defining term; establishing certain license renewal
fee; updating statutory references; updating
statutory language; and providing an effective date.
SUBJECT: Mortgage licensing
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 59 O.S. 2021, Section 2095.6, as
amended by Section 4, Chapter 218, O.S.L. 2024 (59 O.S. Supp. 2025,
Section 2095.6), is amended to read as follows:
Section 2095.6. A. As used in this section, “originated” means
loans closed in the name of the mortgage broker or mortgage lender,
and shall not include brokered loans.
B. Applicants for a license shall apply on a form as prescribed
by the Administrator of Consumer Credit.
B. C. In order to fulfill the purposes of the Oklahoma Secure
and Fair Enforcement for Mortgage Licensing Act, the Administrator
is authorized to establish relationships or contracts with the
Nationwide Multistate Licensing System and Registry or other
entities designated by the Nationwide Multistate Licensing System
ENR. S. B. NO. 1061 Page 2
and Registry to collect and maintain records and process transaction
fees or other fees related to licensees or other entities or
individuals subject to the Oklahoma Secure and Fair Enforcement for
Mortgage Licensing Act.
C. D. In connection with an application for licensing as a
mortgage loan originator, the applicant shall, at a minimum, furnish
to the Nationwide Multistate Licensing System and Registry
information concerning the applicant’s identity including:
1. Fingerprints for submission to the Federal Bureau of
Investigation and any governmental agency or entity authorized to
receive such information for a state, national and international
criminal history background check; and
2. Personal history and experience in a form prescribed by the
Nationwide Multistate Licensing System and Registry and the
Administrator to obtain:
a. an independent credit report obtained from a consumer
reporting agency defined in 15 U.S.C., Section
1681a(p), and
b. information related to any administrative, civil or
criminal findings by any governmental jurisdiction.
D. E. In connection with an application for licensing as a
mortgage broker or mortgage lender, the applicant shall, at a
minimum, furnish to the Nationwide Multistate Licensing System and
Registry information concerning each owner, officer, director or
partner, as applicable including:
1. Fingerprints for submission to the Federal Bureau of
Investigation and any governmental agency or entity authorized to
receive such information for a state, national and international
criminal history background check; and
2. Personal history and experience in a form prescribed by the
Nationwide Multistate Licensing System and Registry and the
Administrator to obtain:
ENR. S. B. NO. 1061 Page 3
a. an independent credit report obtained from a consumer
reporting agency described in 15 U.S.C., Section
1681a(p), and
b. information related to any administrative, civil or
criminal findings by any governmental jurisdiction.
E. F. For purposes of this section and in order to reduce
points of contact which the Federal Bureau of Investigation may have
to maintain for purposes of paragraph 1 and subparagraph b of
paragraph 2 of subsection D E of this section, the Administrator may
use the Nationwide Multistate Licensing System and Registry as a
channeling agent for requesting information from and distributing
information to the United States Department of Justice or any
governmental agency.
F. G. For the purposes of this section and in order to reduce
the points of contact which the Administrator may have to maintain
for purposes of subparagraphs a and b of paragraph 2 of subsection D
E of this section, the Administrator may use the Nationwide
Multistate Licensing System and Registry as a channeling agent for
requesting and distributing information to and from any source so
directed by the Administrator.
G. H. A license issued under the Oklahoma Secure and Fair
Enforcement for Mortgage Licensing Act shall be valid for a period
of one (1) year, unless otherwise revoked or suspended by the
Administrator as provided in the Oklahoma Secure and Fair
Enforcement for Mortgage Licensing Act.
H. I. The Administrator, on determining that the applicant is
qualified and upon payment of the fees by the applicant, shall issue
a license to the applicant. An applicant who has been denied a
license may not reapply for the license for sixty (60) days from the
date of the previous application. A new license issued on or after
November 1 shall be effective through December 31 of the following
calendar year.
I. J. A licensee shall pay the renewal fee on or before
December 1. If the license is not renewed by December 1, the
licensee shall pay a late renewal fee as prescribed by rule of the
Commission on Consumer Credit. Licenses not renewed by December 31
ENR. S. B. NO. 1061 Page 4
shall expire and the licensee shall not act as a mortgage broker,
mortgage lender or mortgage loan originator until a new license is
issued pursuant to the Oklahoma Secure and Fair Enforcement for
Mortgage Licensing Act. A license shall not be granted to the
holder of an expired license except as provided in the Oklahoma
Secure and Fair Enforcement for Mortgage Licensing Act for the
issuance of an original license.
J. K. A licensee shall prominently display the mortgage broker,
mortgage lender or mortgage loan originator license in the principal
place of business of the mortgage broker, mortgage lender or
mortgage loan originator and any branch office of the mortgage
broker or mortgage lender.
K. L. 1. An applicant for a mortgage broker or mortgage lender
license shall pay a fee of One Thousand Two Hundred Dollars
($1,200.00). This fee shall cover the application fee and
examination fee for all registered locations, including any changes
of address.
2. Mortgage broker or mortgage lender licenses may be renewed
by submitting an annual assessment fee. The annual assessment fee
shall:
a. be based on the dollar volume of loans originated for
residential real property located in Oklahoma during
the twelve-month period ending June 30,
b. be based on the dollar volume of loans serviced for
residential real property located in Oklahoma as
reported on the Q2 mortgage call report for the period
ending on June 30,
c. be determined by applying a factor of eight-
thousandths of a percent (0.008%) of the dollar volume
of loans originated and the dollar volume of loans
serviced in Oklahoma, and
d. cover:
(1) the renewal fee for the principal office and any
branches, and
ENR. S. B. NO. 1061 Page 5
(2) any examination-related costs incurred by the
Department of Consumer Credit.
3. Beginning November 1, 2024, the annual assessment fee shall
not be:
a. less than One Thousand Dollars ($1,000.00),
b. more than Forty Thousand Dollars ($40,000.00) for the
portion of the assessment calculated according to
subparagraph a of paragraph 2 of this subsection, nor
c. more than Seventeen Thousand Five Hundred Dollars
($17,500.00) for the portion of the assessment
calculated according to subparagraph b of paragraph 2
of this subsection.
4. Beginning November 1, 2025, the annual assessment fee shall
not be:
a. less than One Thousand Dollars ($1,000.00),
b. more than Forty Thousand Dollars ($40,000.00) for the
portion of the assessment calculated according to
subparagraph a of paragraph 2 of this subsection, nor
c. more than Twenty-seven Thousand Five Hundred Dollars
($27,500.00) for the portion of the assessment
calculated according to subparagraph b of paragraph 2
of this subsection.
5. Beginning November 1, 2026, the annual assessment fee shall
not be:
a. less than One Thousand Dollars ($1,000.00),
b. more than Forty Thousand Dollars ($40,000.00) for the
portion of the assessment calculated according to
subparagraph a of paragraph 2 of this subsection, nor
ENR. S. B. NO. 1061 Page 6
c. more than Thirty-five Thousand Dollars ($35,000.00)
for the portion of the assessment calculated according
to subparagraph b of paragraph 2 of this subsection.
6. Beginning November 1, 2027, the annual assessment fee shall
not be:
a. less than One Thousand Dollars ($1,000.00),
b. more than Forty Thousand Dollars ($40,000.00) for the
portion of the assessment calculated according to
subparagraph a of paragraph 2 of this subsection, nor
c. more than Forty Thousand Dollars ($40,000.00) for the
portion of the assessment calculated according to
subparagraph b of paragraph 2 of this subsection.
7. A late renewal fee shall be as prescribed by rule of the
Commission on Consumer Credit.
8. Branch offices shall be registered with the Department and
shall be accompanied by an initial registration fee of One Hundred
Fifty Dollars ($150.00).
9. A fee as prescribed by rule of the Commission on Consumer
Credit shall be charged for each license change, duplicate license
or returned check.
10. A fee as prescribed by rule of the Commission on Consumer
Credit shall be paid by applicants and licensees into the Oklahoma
Mortgage Broker and Mortgage Loan Originator Recovery Fund as
provided for in Section 2095.20 of this title for each initial
application and each renewal application.
11. Each additional trade name used by a licensee shall be
registered with the Department and shall be accompanied by an
initial registration fee of One Hundred Fifty Dollars ($150.00).
12. The Administrator of Consumer Credit may reinstate a
license within thirty-one (31) days of the expiration of the license
if the licensee pays the assessment fees and a reinstatement fee of
Five Hundred Dollars ($500.00). A licensee license shall not be
ENR. S. B. NO. 1061 Page 7
reinstated when the renewal application, fees, or any required
information is received on or after February 1 of the following year
that the renewal application was due.
13. The Administrator may reduce annual assessment fees on a
pro rata basis for a specific renewal period by reducing the factor
applied to the dollar volume of loans originated and serviced. The
Administrator shall notify licensees of an annual assessment fee
reduction prior to November 1 of the specific license renewal
period. An annual assessment fee does not include an initial
license fee for purposes of this subsection.
L. M. 1. An applicant for an initial mortgage loan originator
license shall pay a fee of Four Hundred Fifty Dollars ($450.00).
2. An applicant renewing a mortgage loan originator license
shall pay a fee of Two Hundred Fifty Dollars ($250.00).
3. A late renewal fee shall be as prescribed by rule of the
Commission on Consumer Credit.
4. A fee as prescribed by rule of the Commission shall be paid
by applicants and licensees into the Oklahoma Mortgage Broker and
Mortgage Loan Originator Recovery Fund, as provided in Section
2095.20 of this title, for each initial application and each renewal
application.
SECTION 2. This act shall become effective November 1, 2026.
ENR. S. B. NO. 1061 Page 8
Passed the Senate the 11th day of March, 2026.
Presiding Officer of the Senate
Passed the House of Representatives the 6th day of May, 2026.
Presiding Officer of the House
of Representatives
OFFICE OF THE GOVERNOR
Received by the Office of the Governor this ____________________
day of ___________________, 20_______, at _______ o'clock _______ M.
By: _________________________________
Approved by the Governor of the State of Oklahoma this _________
day of ___________________, 20_______, at _______ o'clock _______ M.
_________________________________
Governor of the State of Oklahoma
OFFICE OF THE SECRETARY OF STATE
Received by the Office of the Secretary of State this __________
day of __________________, 20 _______, at _______ o'clock _______ M.
By: _________________________________