SB1061 updates Oklahoma’s mortgage licensing law under the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act. The bill defines “originated” for purposes of the section, clarifying that it means loans closed in the name of the mortgage broker or mortgage lender and does not include brokered loans. It also updates statutory references and language throughout the licensing provisions to align with current terminology and the Nationwide Multistate Licensing System and Registry (NMLS).
The bill continues to require mortgage loan originator, mortgage broker, and mortgage lender applicants to submit fingerprints, personal history, credit information, and information about administrative, civil, or criminal findings. It authorizes the Administrator of Consumer Credit to use the NMLS as a channeling agent for background and information requests, and it maintains the one-year license term, renewal deadlines, display requirements, and reinstatement rules. The bill also sets and phases in annual assessment fee caps for mortgage broker and mortgage lender renewals beginning November 1, 2024 through November 1, 2027, while retaining existing initial application, renewal, branch registration, trade name, late fee, and recovery fund payment requirements.
In practical terms, SB1061 affects mortgage brokers, mortgage lenders, mortgage loan originators, and the Department of Consumer Credit by refining licensing administration and fee structures. It amends 59 O.S. Section 2095.6, which governs licensing and registration under the state mortgage licensing framework, and the act becomes effective November 1, 2026. The bill appears to be largely administrative and regulatory rather than a major policy change, but it does adjust how fees are calculated and capped for certain license renewals.
The overall sentiment around the bill was strongly favorable. It passed the Senate Business & Insurance Committee unanimously, passed the Senate on third reading 38-0, cleared the House Business Committee unanimously, and passed the House Commerce and Economic Development Oversight Committee with only one dissenting vote before passing the House floor 86-3. The committee transcript provided does not show substantive debate, suggesting the measure was viewed as a routine technical update to mortgage licensing law.
There is little evidence of major controversy in the available record. The main points that could draw attention are the renewal fee structure, the phased-in caps on annual assessment fees, and the administrative authority given to the Consumer Credit Administrator and NMLS for background checks and information processing. Any disagreement appears limited, as reflected by the overwhelmingly positive votes and the absence of recorded debate in the transcript.
SB1061 amends 59 O.S. Section 2095.6 within Oklahoma’s mortgage licensing statutes, affecting the licensing, renewal, registration, and background-check requirements for mortgage brokers, mortgage lenders, and mortgage loan originators. It updates statutory language and references, clarifies the meaning of “originated,” preserves the use of the Nationwide Multistate Licensing System and Registry for processing applications and background information, and revises the annual assessment fee framework with new minimums and maximums over several years. The bill also preserves existing fee categories for initial licenses, renewals, branch offices, trade names, late renewals, and recovery fund payments, while setting the act’s effective date for November 1, 2026.
The bill was received positively throughout the legislative process. It advanced with unanimous or near-unanimous support in committee and strong bipartisan floor votes in both chambers, and the available transcript shows no meaningful debate. The pattern of votes suggests lawmakers generally viewed SB1061 as a technical, noncontroversial update to mortgage licensing administration rather than a policy dispute.
The main substantive issues in SB1061 are administrative and financial: how mortgage license renewal assessments are calculated, the caps placed on those fees over time, and the continued use of NMLS and background-check channels for applicant screening. Any potential concern would likely come from mortgage industry participants affected by the fee structure or compliance requirements, but the legislative record shows little organized opposition. The only recorded dissent in committee and on the House floor was minimal, indicating limited contention overall.