OK SB1495

Allows applicants for initial mortgage licenses to cancel and rescind their application within three (3) business days by contacting the Administrator of Consumer Credit in writing.

Entitles applicants with properly cancelled applications to a partial refund of their application fee minus a processing fee equal to 10% of the fee paid or $100, whichever is greater.

Prohibits refunds for fees paid after the three-business-day cancellation period expires, third-party processing fees, or renewal license fees.

Authorizes the Commission on Consumer Credit to establish all licensing fees through rule, including initial, renewal, late renewal, branch office, and examination fees.

Effective July 1, 2012, with emergency declaration for immediate implementation.