HB 1828 Summary

• Amends the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act (59 O.S. 2011, Sections 2095.2-2095.23) to establish a new category of licensed "mortgage lender" with specific requirements including a $100,000 bond, minimum $25,000 net worth, and audited financial statements.

• Requires mortgage brokers, mortgage lenders, and mortgage loan originators to display unique identifiers on all loan applications, solicitations, advertisements, and business materials as assigned by the Nationwide Mortgage Licensing System and Registry.

• Extends independent contractor loan processors and underwriters to obtain mortgage broker or loan originator licenses if they work as independent contractors, with exemptions available for certain sponsored independent contractors.

• Establishes minimum standards for mortgage lender license renewal, continuing education requirements (8 hours annually including 3 hours federal law, 2 hours ethics, and 2 hours nontraditional mortgage training), and classroom participation at least every two years.

• Grants the Administrator of Consumer Credit expanded authority to conduct investigations and examinations including financial condition reviews, multistate mortgage examinations, and authority to require licensees to pay travel costs for out-of-state examinations; effective November 1, 2013.