Professions and occupations; mortgage broker annual fees; effective date.
HB1883 amends Oklahoma’s mortgage lender licensing law to change the fee structure for mortgage brokers, mortgage lenders, and mortgage loan originators. The bill keeps the existing licensing and registration framework under the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act, including background checks, fingerprinting, credit reports, renewal requirements, and display of licenses, but revises the annual assessment fee for mortgage broker and mortgage lender licenses and sets out updated fee caps over several years.
For mortgage brokers and mortgage lenders, the bill maintains the initial application fee at $1,200 and the mortgage loan originator initial fee at $450, while the renewal fee for mortgage loan originators remains $250. The main change is to the annual assessment fee for mortgage broker and mortgage lender renewals: it is based on loan origination and servicing volume in Oklahoma, with a minimum of $1,000 and increasing maximum caps for the servicing-based portion from 2024 through 2027. The bill also preserves fees for branch office registration, trade names, reinstatement, late renewals, and recovery fund payments, and it takes effect November 1, 2025.
HB1883 would amend 59 O.S. 2021, Section 2095.6, which governs mortgage lender and broker licensing and registration in Oklahoma. Its practical effect is to adjust how the Department of Consumer Credit calculates and collects annual assessment fees from mortgage brokers and mortgage lenders, while leaving the broader licensing, background-check, renewal, and enforcement structure intact. The bill affects mortgage brokers, mortgage lenders, mortgage loan originators, branch offices, and the Department of Consumer Credit, and it may change compliance costs depending on a licensee’s Oklahoma loan volume.
Based on the bill text and the absence of recorded committee debate or votes in the provided materials, the measure appears to be a technical or administrative licensing update rather than a highly controversial policy change. The caption and content suggest a fee adjustment focused on the mortgage industry, with no indication of organized opposition or amendment debate in the available record. The referral to the Business committee is consistent with a professional-licensing measure.
The most likely point of contention is the revised fee structure for mortgage brokers and mortgage lenders, especially the annual assessment tied to Oklahoma loan origination and servicing volume and the increasing fee caps over time. Industry participants may view the changes as a cost increase or as a more complex assessment formula, while regulators may see them as a way to better fund oversight and examination costs. No specific objections, supporters, or vote splits are provided in the available context.