STATE OF OKLAHOMA

1st Session of the 52nd Legislature (2009)

SENATE BILL 1180	By:	Newberry

AS INTRODUCED

An Act relating to professions and occupations; amending 59 O.S. 2001, Section 2086, as last amended by Section 1, Chapter 172, O.S.L. 2006 (59 O.S. Supp. 2008, Section 2086), which relates to the Mortgage Broker Licensure Act; prohibiting a lender from charging back certain fees to a mortgage broker, banker or mortgage loan originator under certain circumstances; authorizing a mortgage broker to solicit and receive certain fee for certain purpose; requiring such fee to be disclosed and consistent; and providing an effective date.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1.     AMENDATORY     59 O.S. 2001, Section 2086, as last amended by Section 1, Chapter 172, O.S.L. 2006 (59 O.S. Supp. 2008, Section 2086), is amended to read as follows:
Section 2086.  A.  A mortgage broker shall have a written correspondent or loan brokerage agreement with a lender before any solicitation of, or contracting with, the public.
B.  Upon receipt of a loan application and before the receipt of any monies from a borrower, a mortgage broker shall provide to a borrower the disclosures required by the Real Estate Settlement Procedures Act, 12 U.S.C., Section 2601 et seq. (RESPA) and Regulation X, 24 C.F.R., Section 3500.1 et seq., as promulgated by HUD.  Compliance with the disclosure requirements mandated by RESPA and HUD’s Regulation X constitutes compliance with this act the Mortgage Broker Licensure Act.
C.  If a borrower is unable to obtain a loan for any reason and the borrower has paid for an appraisal, title report, or credit report, the mortgage broker shall give a copy of the appraisal, title report, or credit report to the borrower and transmit the originals to any other mortgage broker or lender to whom the borrower directs that the documents be transmitted.  The mortgage broker must provide the copies or transmit the documents within five (5) business days after the borrower has made the request in writing.
D.  1.  Except as otherwise permitted by this subsection, no mortgage broker or mortgage loan originator shall receive a fee, commission, or compensation of any kind in connection with the preparation, negotiation, and brokering of a residential mortgage loan unless a borrower actually obtains a loan from a lender on the terms and conditions agreed upon by the borrower and mortgage broker.
2.  If a mortgage broker, banker or mortgage loan originator has assisted a borrower in obtaining a residential mortgage loan and the borrower decides to refinance or sell the property in question, the lender shall be prohibited from charging back any fee income paid by the lender to the mortgage broker, banker or loan originator unless the mortgage broker, banker or loan originator is involved in such refinance.
3.  A mortgage broker may solicit or receive fees for third-party provider goods or services in advance and may solicit and receive a reasonable administrative fee to recoup administrative costs, provided such a fee shall be disclosed in advance and shall be consistent across all borrowers.  The mortgage broker may not charge more for the goods and services than the actual costs of the goods or services charged by the third-party provider.
E.  The Commission on Consumer Credit, in accordance with the Administrative Procedures Act shall have the authority to adopt rules not inconsistent with disclosures mandated by RESPA and HUD’s Regulation X and which are within, but not beyond, the statutory scope and other provisions of this act the Mortgage Broker Licensure Act to facilitate compliance with the disclosure and other requirements of this act the Mortgage Broker Licensure Act.
SECTION 2.  This act shall become effective November 1, 2009.

52-1-1111	LKS	1/15/2009 8:14:30 PM