§ 59-2095.11. Findings required for issuance of a mortgage broker license.

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 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, character 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 this 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 paid into the Oklahoma Mortgage Broker and Mortgage Loan Originator Recovery Fund as required by paragraph 6 of subsection M of Section 9 of this act; 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 locations for the transaction of business in addition to a principal place of business, the applicant shall first obtain a branch office license from 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 3 of subsection M of Section 9 of this act for each branch office license issued.  If the Administrator of Consumer Credit determines that the applicant is qualified, the Administrator shall issue a branch office license indicating the address of the branch office.  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 5 of subsection M of Section 9 of this act.

Added by Laws 2009, c. 190, § 14, eff. July 1, 2009.