Oklahoma Administrative Code
Title 160 - Department of Consumer Credit
Chapter 55 - Mortgage Brokers and Mortgage Loan Originators
Subchapter 3 - Licensing
Section 160:55-3-8 - Mortgage broker and mortgage lender license changes
Current through Vol. 41, No. 13, March 15, 2024
(a) Notification. At least thirty (30) days before any proposed change in ownership or any change in the officers, owners, directors, partners or the designated mortgage loan originator of a mortgage broker or mortgage lender, the mortgage broker or mortgage lende shall notify the Administrator of the proposed change by regular United States mail, electronic mail, facsimile or courier service. The mortgage broker or mortgage lender shall also contact the Administrator for instructions regarding the completion of necessary documentation to process the proposed change.
(b) Required documentation and information.
(c) Proposed change involving fifty percent (50%) or more new owners, officers, directors or partners. A mortgage broker or mortgage lender with a fifty percent (50%) or more proposed change in ownership, officers, directors or partners shall submit a new license application in accordance with the SAFE Act and rules promulgated by the Administrator.
Added at 15 Ok Reg 696, eff 11-12-97 through 7-14-98 (emergency); Added at 15 Ok Reg 3963, eff 8-27-98; Amended at 16 Ok Reg 2170, eff 6-25-99; Amended at 20 Ok Reg 2750, eff 7-1-03 (emergency); Amended at 21 Ok Reg 2698, eff 7-12-04; Amended at 26 Ok Reg 2947, eff 6-22-09 (emergency); Amended at 27 Ok Reg 1763, eff 7-1-10