Okla. Stat. tit. 59, § 59-2095.11.1

license.

The Administrator of Consumer Credit shall not issue a mortgage

lender 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 lender, mortgage broker or mortgage loan

originator license revoked in any governmental jurisdiction, except

Oklahoma Statutes - Title 59. Professions and Occupations Page 1455

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 lender 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 and 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 lender 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

d. a pattern of seriously delinquent accounts within the

past three (3) years;

4. The applicant has filed a bond in the amount of One Hundred

Thousand Dollars ($100,000.00) securing the applicant’s or

licensee’s faithful performance of all duties and obligations of a

licensee. The bond shall meet the following requirements:

a. the bond shall be in a form acceptable to the

Administrator,

b. the bond shall be issued by an insurance company

authorized to conduct business in this state,

c. the bond shall be payable to the Department of

Consumer Credit,

d. the bond is continuous in nature and shall be

maintained at all times as a condition of licensure,

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e. the bond may not be terminated without thirty (30)

days’ prior written notice to the Administrator and

approval of the Administrator,

f. the bond shall be available for the recovery of

expenses, civil penalties and fees assessed pursuant

to the Oklahoma Secure and Fair Enforcement for

Mortgage Licensing Act and for losses or damages which

are determined by the Administrator to have been

incurred by any borrower or consumer as a result of

the applicant’s or licensee’s failure to comply with

the requirements of the Oklahoma Secure and Fair

Enforcement for Mortgage Licensing Act,

g. when an action is commenced on a licensee’s bond, the

Administrator may require the filing of a new bond,

and

h. whenever the principal sum of the bond is reduced by

one or more recoveries or payments thereon, the

licensee shall furnish a new or additional bond so

that the total or aggregate principal sum of such bond

or such bonds shall equal One Hundred Thousand Dollars

($100,000.00) or shall furnish an endorsement duly

executed by the corporate surety reinstating the bond
ing of a new bond,

and

h. whenever the principal sum of the bond is reduced by

one or more recoveries or payments thereon, the

licensee shall furnish a new or additional bond so

that the total or aggregate principal sum of such bond

or such bonds shall equal One Hundred Thousand Dollars

($100,000.00) or shall furnish an endorsement duly

executed by the corporate surety reinstating the bond

to the required principal sum;

5. The applicant has a net worth of at least Twenty-five

Thousand Dollars ($25,000.00) as reflected by an audited financial

statement prepared by a certified public accountant in accordance

with generally accepted accounting principles that is accompanied by

an opinion acceptable to the Administrator and is dated within

fifteen (15) months of the date of application;

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

license. The license fees for a mortgage lender shall be in the

same amount as license fees applicable to a mortgage broker;

7. Each mortgage lender applicant shall designate and maintain

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

the mortgage lender applicant engages in activity that satisfies the

definition of a mortgage broker, the mortgage lender shall designate

a licensed mortgage loan originator to oversee the mortgage loan

origination operations of the principal place of business and any

branch office location where the mortgage lender applicant engages

in activity that satisfies the definition of a mortgage broker. 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. 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

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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 9 of subsection K of

Section 2095.6 of this title; and

8. A separate mortgage broker license is not required for a

mortgage lender that engages in activity that satisfies the

definition of a mortgage broker as provided in the Oklahoma Secure

and Fair Enforcement for Mortgage Licensing Act. A mortgage lender

that engages in activity that satisfies the definition of a mortgage

broker shall comply with all requirements of the Oklahoma Secure and

Fair Enforcement for Mortgage Licensing Act regarding mortgage

brokers.