Okla. Stat. tit. 59, § 59-2095.16
This is the official text of Okla. Stat. tit. 59, § 59-2095.16, part of Oklahoma’s Stat. tit. 59, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 59,." Browse the sections below, each linked to its official government source.
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Trust account
Official statutory text
A. A mortgage broker or mortgage loan originator shall deposit,
prior to the end of the next business day, all monies received from
borrowers for third-party provider services in a trust account of a
federally insured financial institution. The trust account shall be
designated and maintained for the benefit of borrowers. Monies
maintained in the trust account shall be exempt from execution,
attachment, or garnishment. A mortgage broker or mortgage loan
originator shall not in any way encumber the corpus of the trust
account or commingle any other operating funds with trust account
funds.
B. Withdrawals from the trust account shall be only for the
payment of bona fide services rendered by a third-party provider or
for refunds to borrowers. Any interest earned on the trust account
shall be refunded or credited to the borrowers at closing. Any
monies remaining in the trust account after payment to third-party
providers shall be refunded to the borrower.
C. The mortgage broker or mortgage loan originator shall pay
third-party providers no later than thirty (30) days after
completion of the third-party service.
D. A mortgage broker or mortgage loan originator shall maintain
accurate, current, and readily available records of the trust
account until at least three (3) years have elapsed following the
effective period to which the records relate. The records shall be
subject to audit by the Administrator of Consumer Credit pursuant to
an examination or investigation.
E. The provisions of this section shall not apply to a
depository institution as defined in Section 2095.2 of this title,
its subsidiaries and affiliates or any employee or exclusive agent
thereof.
prior to the end of the next business day, all monies received from
borrowers for third-party provider services in a trust account of a
federally insured financial institution. The trust account shall be
designated and maintained for the benefit of borrowers. Monies
maintained in the trust account shall be exempt from execution,
attachment, or garnishment. A mortgage broker or mortgage loan
originator shall not in any way encumber the corpus of the trust
account or commingle any other operating funds with trust account
funds.
B. Withdrawals from the trust account shall be only for the
payment of bona fide services rendered by a third-party provider or
for refunds to borrowers. Any interest earned on the trust account
shall be refunded or credited to the borrowers at closing. Any
monies remaining in the trust account after payment to third-party
providers shall be refunded to the borrower.
C. The mortgage broker or mortgage loan originator shall pay
third-party providers no later than thirty (30) days after
completion of the third-party service.
D. A mortgage broker or mortgage loan originator shall maintain
accurate, current, and readily available records of the trust
account until at least three (3) years have elapsed following the
effective period to which the records relate. The records shall be
subject to audit by the Administrator of Consumer Credit pursuant to
an examination or investigation.
E. The provisions of this section shall not apply to a
depository institution as defined in Section 2095.2 of this title,
its subsidiaries and affiliates or any employee or exclusive agent
thereof.
Status: in_force · Read it on the official government site
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