SECTION 160:55-3-8. Mortgage broker and mortgage lender license changes

(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.

(1)   Change in ownership, officers, directors or partners. A mortgage broker or mortgage lender with a proposed change of ownership or a proposed change of any officers, directors or partners shall submit the following information for each new proposed owner, officer, director or partner:

(A)   Fingerprints.

(B)   Personal information for obtaining credit reports.

(C)   Any proposed officer, owner, director or partner that has a felony conviction or has pled guilty or nolo contendere to a felony shall submit a certified copy of the indictment or other official court document indicating the criminal charges against the applicant and a certified copy of the final judgment and sentence of the court. Whether a particular crime is classified as a felony is determined by the law of the domestic, military or foreign court in which the officer, owner, director or partner was convicted or in which the officer, owner, director or partner pled guilty or nolo contendere to the felony. Domestic court includes any state or federal court of the United States of America. State court includes the courts of any state, territory, district, commonwealth or possession of the United State of America.

(D)   Any additional documentation required by the Administrator.

(2)   Change of designated mortgage loan originator. A mortgage broker or mortgage lender with a proposed change for the designated mortgage loan originator shall submit to NMLS&R the name and license number or unique identifier issued by NMLS&R for the proposed, designated mortgage loan originator.

(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.

[Source: 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; Amended at 31 Ok Reg 949, eff 9-12-14]