HB 1883 Summary

• Modifies the annual renewal fee for mortgage broker licenses from a variable assessment fee to a flat fee of $1,000.00 for mortgage brokers, while mortgage lender licenses continue with variable assessment fees based on loan volume.

• Establishes tiered annual assessment fee caps for mortgage lenders beginning November 1, 2024, with maximum fees ranging from $17,500.00 to $40,000.00 depending on the calculation method and renewal year, increasing through November 1, 2027.

• Maintains the annual assessment fee calculation at 0.008% of the dollar volume of loans originated and serviced for residential real property in Oklahoma during the twelve-month period ending June 30.

• Preserves the existing minimum annual assessment fee of $1,000.00 for all mortgage lenders across all renewal periods.

• Becomes effective November 1, 2025.