A. The Administrator of Consumer Credit shall not issue a mortgage broker license unless the Administrator makes at a minimum the following findings:
1. The applicant or any owner, officer, director or partner has never had a mortgage broker or mortgage loan originator license revoked in any governmental jurisdiction, except that a subsequent formal vacation of such revocation shall not be deemed a revocation;
2. Any owner, officer, director or partner of the applicant has not been convicted of, or pled guilty or nolo contendere to, a felony crime that substantially relates to the occupation of a mortgage broker and poses a reasonable threat to public safety in a domestic, foreign or military court:
Provided, that any pardon of a conviction shall not be a conviction for purposes of this paragraph;
3. The applicant's owners, officers, directors or partners have demonstrated financial responsibility and general fitness such as to command the confidence of the community and to warrant a determination that the mortgage broker will operate honestly, fairly and efficiently within the purposes of this act. For purposes of this paragraph, an applicant's owners, officers, directors or partners have shown they are not financially responsible when they have shown a disregard in the management of their own financial condition. A determination that an owner, officer, director or partner has not shown financial responsibility may include, but not be limited to:
4. The applicant has paid into the Oklahoma Mortgage Broker and Mortgage Loan Originator Recovery Fund as required by paragraph 5 of subsection K of Section 2095.6 of this title; and
5. The applicant has paid all required fees for issuance of the license.
B. Each mortgage broker applicant shall designate and maintain a principal place of business for the transaction of business. The applicant shall specify the address of the principal place of business and designate a licensed mortgage loan originator to oversee the operations of the principal place of business. If an applicant wishes to maintain one or more locations for the transaction of business in addition to a principal place of business, the applicant shall first obtain a branch office license from the Administrator and designate a licensed mortgage loan originator for each branch office to oversee the operations of that branch office. The applicant shall submit a fee as set forth in paragraph 3 of subsection K of Section 2095.6 of this title for each branch office license issued. If the Administrator of Consumer Credit determines that the applicant is qualified, the Administrator shall issue a branch office license indicating the address of the branch office. If the address of the principal place of business or of any branch office is changed, the licensee shall immediately notify the Administrator of the change and the Administrator shall endorse the change of address on the license for a fee as prescribed in paragraph 4 of subsection K of Section 2095.6 of this title.
C. As used in this section:
1. "Substantially relates" means the nature of criminal conduct for which the person was convicted has a direct bearing on the fitness or ability to perform one or more of the duties or responsibilities necessarily related to the occupation; and
2. "Poses a reasonable threat" means the nature of criminal conduct for which the person was convicted involved an act or threat of harm against another and has a bearing on the fitness or ability to serve the public or work with others in the occupation.
Added by Laws 2009, c. 190, § 14, eff. July 1, 2009. Amended by Laws 2019, c. 363, § 70, eff. Nov. 1, 2019.