Okla. Stat. tit. 59, § 59-2095.11

license – Definitions.

A. The Administrator of Consumer Credit shall not issue a

mortgage broker license unless the Administrator makes at a minimum

the following findings:

1. The applicant or any owner, officer, director or partner has

never had a mortgage broker or 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. Any owner, officer, director or partner of 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 broker 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’s owners, officers, directors or partners have

demonstrated financial responsibility and general fitness such as to

command the confidence of the community and to warrant a

determination that the mortgage broker 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 applicant’s owners, officers, directors or partners

have shown they are not financially responsible when they have shown

a disregard in the management of their own financial condition. A

determination that an owner, officer, director or partner 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

Oklahoma Statutes - Title 59. Professions and Occupations Page 1454

d. a pattern of seriously delinquent accounts within the

past three (3) years;

4. 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

5. The applicant has paid all required fees for issuance of the

license.

B. Each mortgage broker applicant shall designate and maintain

a principal place of business for the transaction of business. The

applicant shall specify the address of the principal place of

business and designate a licensed mortgage loan originator to

oversee the operations of the principal place of business. If an

applicant wishes to maintain one or more branch offices for the

transaction of business in addition to a principal place of

business, the applicant shall first register the branch office

location with the Administrator and designate a licensed mortgage

loan originator for each branch office to oversee the operations of

that branch office. The applicant shall submit a fee as set forth

in paragraph 8 of subsection K of Section 2095.6 of this title for

each branch office registered. If the address of the principal

place of business or of any branch office is changed, the licensee

shall immediately notify the Administrator of the change and the

Administrator shall endorse the change of address on the license for

a fee as prescribed in paragraph 6 of subsection K of Section 2095.6

of this title.

C. 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
aragraph 6 of subsection K of Section 2095.6

of this title.

C. 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.