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OK SB377
Bill
AI Summary
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Expands Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act to include mortgage lenders and loan servicing activities, in addition to existing mortgage brokers and loan originators.
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Adds "One (1) hour of Oklahoma law and regulations" as required topic in 20-hour prelicensing education requirement for mortgage loan originators.
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Removes requirement that licensed mortgage loan originators complete annual continuing education in classroom setting; allows online or other approved formats for the 8-hour continuing education requirement.
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Deletes provisions allowing licensees to request inactive status; eliminates inactive status renewal fees and related limitations on inactive license duration.
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Becomes effective November 1, 2015.
Legislative Description
Oklahoma Mortgage Secure and Fair Enforcement Licensing Act; loan servicing; loan originators. Effective date.
Last Action
Approved by Governor 05/12/2015
5/12/2015