Bill > SB1061

This bill amends the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act by defining the term "originated" to mean loans closed in the name of the mortgage broker or lender, excluding brokered loans, and by establishing new annual assessment fees for mortgage broker and mortgage lender licenses. These fees, which are calculated based on the dollar volume of loans originated and serviced in Oklahoma, will have varying maximums that increase over several years, starting at $40,000 for originated loans and $17,500 for serviced loans in late 2024, and reaching $40,000 for both by late 2027, with a minimum fee of $1,000. The bill also updates statutory references and language within the Act and sets an effective date of November 1, 2026.

Business and Industry

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1061&Session=2600