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 Oklahoma Administrative Code (Last Updated: March 11, 2021)
 TITLE 160. Department of Consumer Credit
 Chapter 55. Mortgage Brokers, Mortgage Lenders and Mortgage Loan Originators
 Subchapter 1. General Provisions

  SECTION 160:55-1-2. Definitions  

Latest version.
  •   Except as otherwise specifically defined in this section, the definitions set forth in the SAFE Act are incorporated herein and made a part hereof. The following words or terms, when used in this chapter, shall have the following meaning unless the context clearly indicates otherwise:
    "APA" means the Administrative Procedures Act beginning at §250 of Title 75 of the Oklahoma Statutes.
    "Applicant" means an entity or individual that has submitted an initial or renewal application for licensure as a mortgage broker, mortgage lender or mortgage loan originator.
    "Days" mean calendar days. In computing any period of time for communications between a person and the Department or a court, the day of the event from which the designated period of time begins to run shall not be included. The last day of the period so computed shall be included, unless it is a day that the licensed location, the Department or the office of the court clerk is closed.
    "Department" means the Oklahoma State Department of Consumer Credit.
    "Deputy Administrator" means the Deputy Administrator of the Department.
    "License" means the instrument issued pursuant to the SAFE Act and these rules that is the sole authorization for an entity or individual to engage in mortgage business in the State of Oklahoma.
    "Mortgage business" means activity that satisfies the definition of a mortgage broker, mortgage lender or mortgage loan originator as defined by the SAFE Act.
    "NMLS&R" means the Nationwide Mortgage Licensing System and Registry.
    "RESPA" means the Real Estate Settlement Procedures Act of 1974 beginning at §2601 of Title 12 of the United States Code.
    "SAFE Act" means the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act beginning at §2095 of Title 59 of the Oklahoma Statutes.
[Source: 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 23 Ok Reg 2950, eff 7-13-06; Amended at 26 Ok Reg 2947, eff 6-22-09 (emergency); Amended at 27 Ok Reg 1763, eff 7-1-10; Amended at 31 Ok Reg 949, eff 9-12-14]