SB 1061 Summary

• Amends Section 2095.6 of the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act to establish and modify license renewal fees for mortgage brokers, mortgage lenders, and mortgage loan originators.

• Mortgage broker licenses renew with a flat annual assessment fee of $1,000.00, while mortgage lender licenses renew with an annual assessment fee based on loan origination and servicing volume, calculated at 0.008% with tiered caps ranging from $17,500 to $40,000 depending on the renewal year.

• Sets specific annual assessment fee caps that increase from November 1, 2024 through November 1, 2027, with origination-based fees capped at $40,000 and servicing-based fees ranging from $17,500 to $40,000.

• Establishes fees for mortgage loan originators at $450.00 for initial licenses and $250.00 for renewals, with late renewal fees to be prescribed by Commission rule.

• Becomes effective November 1, 2025.