1 Hour OK SAFE: Oklahoma Mortgage Lending Laws

This course is designed to prepare candidates to take the exam to become a state-licensed mortgage loan originator in Oklahoma under the Oklahoma Department of Consumer Credit (OKDOCC). This 1-hour course covers Oklahoma specific rules and regulations as mandated by the OKDOCC, and is required as part of the 20 hours of prelicensure education needed to become an Oklahoma-licensed mortgage loan originator.

Topics and Learning Objectives

This course consists of two modules and a final exam:

1. The Uniform Consumer Credit Code

2. The Oklahoma SAFE Act

3. Final Exam

Total study time: 1 credit hour

Module 1: The Uniform Consumer Credit Code

This module will provide a brief overview of the Uniform Consumer Credit Code (UCCC), 14A O.S., and explain:

• exclusions to the code,

• the definition of "consumer loan" as used in the code, and

• when disclosure is required by the Federal Consumer Credit Protection Act.

This code outlines the law related to retail installment sales, consumer credit, small loans, and usury in Oklahoma.

The purpose of the code is to protect consumers, adhere to federal law, encourage consumer access to credit, encourage fair credit practices, and educate consumers.

Module 2: The Oklahoma SAFE Act

In this module, we will discuss the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act (referred to as the SAFE Act for the rest of the course). We will look at the purpose of the SAFE Act before talking about several sections of the act that deserve further discussion and explanation.

We will cover topics involving definitions, exemptions, license and registration requirements, written agreements with a lender, trust accounts, authorized penalties including cease and desist orders, and specific violations of the act.

The module will end with a real case study from Oklahoma involving violations of the SAFE Act and the penalties that the violator faced.

NMLS ID Required

You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.

If you already have an NMLS ID, but don't remember what it is:

• Login into NMLS,
• Click on the Composite View tab, then
• Click View Individual on the sub-header row.
• The number that appears in parentheses after your name is your NMLS ID number.

If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center