Oklahoma Administrative Code
Title 160 - Department of Consumer Credit
Chapter 55 - Mortgage Brokers and Mortgage Loan Originators
Subchapter 9 - Enforcement
Section 160:55-9-2 - Individual proceedings
Current through Vol. 41, No. 13, March 15, 2024
(a) Allegations notice. The Administrator shall notify the person of facts or conduct that warrant the intended action, and give the person an opportunity to show compliance with all lawful requirements for the retention of the license [75:314(C)(1)].
(b) Violations. Where the facts indicate that the person has not complied with all lawful requirements for the retention of the license, the Administrator may initiate any authorized action.
(c) Informal disposition. In order to avoid the expense and time involved in formal legal proceedings, it is the policy of the Administrator to afford persons who have engaged in unlawful acts and practices an opportunity to enter into stipulations, agreed settlements, consent orders or defaults when it appears to the Administrator that such procedure fully safeguards the public interest. The Administrator reserves the right in all matters to withhold the privilege of an informal disposition. All stipulations, agreed settlements, consent orders or defaults shall be public records.
(d) Hearing notice.
(e) Hearing. All parties shall be afforded the opportunity to respond and present evidence and argument on all points at issue [75:309(C)], and shall have the right to counsel [75:310(5)].
(f) Standard of proof. The standard of proof is clear-and-convincing evidence. Clear and convincing evidence is that measure or degree of proof which will produce in the mind of the trier of fact a firm belief or conviction as to the truth of the allegation sought to be established.
(g) Order.
(h) Impair. A probation, suspension or revocation shall not impair or affect the obligation of any preexisting lawful contract between the person and any borrower.
Added at 16 Ok Reg 2170, eff 6-25-99; Amended at 18 Ok Reg 2364, eff 6-25-01; Amended at 20 Ok Reg 2750, eff 7-1-03 (emergency); Amended at 21 Ok Reg 2698, eff 7-12-04