OKL LEG Lending and Remote Work


On Apr. 24, OKL LEG enrolled bill on licenses, authorize remote work.


  • OKL LEG enrolled bill SB 1492, authorizing mortgage licensees, allowing remote work.
  • Amends Secure and fair enforcement for mortgage licensing act (OKL LEG 59-2095).
  • Bill Provisions
  • Modifies definitions related to Oklahoma secure and fair enforcement for mortgage licensing act, establishes fees for mortgage broker/lender licenses, annual assessment.
  • Fees range $1,000 - $40,000 for loan originations; up to $17,500 for loans serviced
  • SB 1492 also creates fees for additional trade names and license reinstatement.
  • Adjusts fees for mortgage loan originator licenses and increases the reimbursement cap for the Oklahoma mortgage broker and mortgage loan originator recovery fund.
  • Allows for remote work for licensee employees under certain specified conditions.
  • Legislative History
  • On Feb. 5, 2024, bill introduced in the Senate; on Mar. 7, 2024, bill passed the Senate.
  • On Mar. 11, 2024, bill introduced in the House; on Apr. 23, 2024, bill passed House.
  • On Apr. 24, 2024, bill enrolled and sent to governor, pending action from governor.
  • Effectiveness
  • Upon approval, this act shall become effective Nov. 1, 2024.
  • Apr. 29, 2024 OKL LEG Governor Approval
  • On Apr. 29, 2024, OKL LEG Governor approved bill SB 1492, in effect Nov. 1, 2024.

Regulators OKL LEG
Entity Types Corp; MG Orig
Reference Bill, 4/29/2024; Bill, SB1492, 4/24/2024; Citation: OKL LEG 59;
Functions Compliance; Legal; Operations; Registration/Licensing
Countries United States of America
Category
State
Products Corporate; Mortgage
Regions Am
Rule Type Final
Rule Date 4/24/2024
Effective Date 11/1/2024
Rule Id 209796
Linked to N/A
Reg. Last Update 4/29/2024
Report Section US Consumer

Last substantive update on 05/01/2024