Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act; defining term. Effective date.

The document header was updated to include page numbers and session details, and the title page was restructured to identify the bill as a 'Committee Substitute' rather than an 'Enrolled' bill.

The bill status changed from 'Engrossed' to 'Enrolled,' indicating it is the final version ready for signature, and a 'SUBJECT' line was added.

Statutory subsection labels were restructured (e.g., 'B' became 'B. C.'), but the actual requirements for background checks and credit reports did not change.

New fees were established: a $1,200 application fee and a variable annual assessment fee based on loan volume, with a minimum floor of $1,000.

The new fee structure is set to begin on November 1, 2024.

Added a specific definition for 'originated' loans, clarifying that it refers only to loans closed in the name of the broker or lender and explicitly excludes brokered loans.

Expanded background check requirements to include fingerprints and criminal history checks for owners, officers, directors, and partners of mortgage broker or lender entities, not just individual applicants.

Authorized the Administrator to use the Nationwide Multistate Licensing System as a 'channeling agent' to streamline data requests between the state and federal agencies.

Required licensees to prominently display their license in their principal place of business and any branch offices.

Established that licenses are valid for one year and set a December 1 deadline for renewal, with late fees applicable if not renewed by that date.

Set a new application fee of $1,200 for mortgage broker and lender licenses, covering both application and examination costs.

Updated the statutory reference year from 2024 to 2025 to reflect the current legislative session.

Added a new definition for 'originated' loans to specify that loans closed in the name of the broker or lender count, while brokered loans do not.

Added a new requirement for licensees to prominently display their license at their principal place of business and any branch offices.

Established a new fee structure where mortgage broker and lender licenses are based on the dollar volume of loans originated or serviced.