Oklahoma passed a bill amending the Secure and Fair Enforcement for Mortgage Licensing Act (SFEMLA). Under the bill, a mortgage lender, broker, and servicer renewing a license under the SFEMLA must pay an annual assessment based on the volume of loans originated or serviced in Oklahoma. The annual assessment may not be less than $1,000, and may not be more than $40,000 for the portion of the assessment based on the volume of loans originated or $17,500 for the portion of the assessment based on the volume of loans serviced. Note that the maximum assessment fee based on the volume of loans serviced is increased to: $27,500 beginning November 1, 2025; $35,000 beginning November 1, 2026; and $40,000 beginning November 1, 2027. The bill also reduced the initial licensing fee for mortgage lenders, brokers, loan originators and servicers under the SFEMLA. In addition, the bill permits a mortgage lender, broker, or servicer licensed under the SFEMLA to allow employees to work at a remote location if certain conditions are met. “Remote location” means a location, other than the principal place of business or a branch office, at which the employees or independent contractors of a licensee may conduct mortgage business. The bill becomes effective November 1, 2024.
Click to view the OK SB 1492: https://www.tenaco.com/wp-content/uploads/2024/10/OK-SB-1492.pdf
