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;
