Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act; establishing certain license renewal fee. Effective date.

SB 1061 establishes new fee structures for mortgage brokers, lenders, and loan originators in Oklahoma. It requires a $1,200 application fee covering all locations and sets annual renewal fees at a base $1,000 plus a volume-based fee calculated as 0.008% of total Oklahoma loan originations and servicing. The bill caps renewal fees at $40,000 for originations and $17,500-$27,500 for servicing, with increasing limits starting November 1, 2024. These fees apply to licenses issued under Oklahoma's mortgage licensing law, directly affecting licensed mortgage professionals operating in the state.