The activities of mortgage brokers and mortgage loan originators and the origination or offering or modification of financing for residential real property have a direct, valuable and immediate impact upon Oklahoma’s consumers, the Oklahoma economy, the neighborhoods and communities of Oklahoma and the housing and real estate industry. Therefore, the Legislature finds that accessibility to mortgage credit is vital to the state’s citizens. The Legislature also finds that it is essential for the protection of the citizens of Oklahoma and the stability of the Oklahoma economy that reasonable standards for licensing and regulation of the business practices of mortgage brokers and mortgage loan originators be imposed. The Legislature further finds that the obligations of mortgage brokers and mortgage loan originators to consumers in connection with originating or making or modifying residential mortgage loans are such as to warrant the regulation of the mortgage lending process. The purpose of this act is to protect consumers seeking mortgage loans and to ensure that the mortgage lending industry is operating without unfair, deceptive and fraudulent practices on the part of mortgage brokers and mortgage loan originators. Therefore, the Legislature establishes within this act:

1. 1. An effective system of supervision and enforcement of the mortgage lending industry, including:

   1. a. the authority to issue licenses to conduct business under this act, including the authority to write rules or regulations or adopt procedures necessary to the licensing of entities or individuals covered under this act,
   2. b. the authority to censure, deny, place on probation, suspend or revoke licenses issued under this act, and
   3. c. the authority to examine, investigate and conduct enforcement actions as necessary to carry out the intended purposes of this act, including the authority to subpoena witnesses and documents, enter orders, including cease and desist orders, order restitution and monetary penalties and order the removal and ban of individuals from office or employment; and
2. 2. Broad administrative authority for the Administrator of Consumer Credit to administer, interpret and enforce this act and promulgate rules, subject to approval of the Commission on Consumer Credit, in order to carry out the intentions of the Legislature.

Laws 2009, SB 1062, c. 190, § 4, emerg. eff. July 1, 2009.