Who may need this license

Detailed scope guidance is being verified against the current NMLS checklist.

Estimated filing costs

Application fee

$1,400

License fee

$500

NMLS fee

$120

Financial requirements

Financial statement (new application)

Audited

Annual financial statement

Audited

Net worth

$50,000

Bonding

Surety bond required

No

Minimum bond amount

$25,000

Control-person and background requirements

Credit report roles

Direct Owners: Yes; Indirect Owners: Yes

Criminal background check roles

Direct Owners / Executive Officers: Per 59 O.S. 3150.5 (B) (1), all directors, officers or ten percent (10%) or more shareholders of the applicant or who owns or controls the applicant, as well as from any other individual associated with the applicant as is reasonably necessary to meet the purposes of the Oklahoma Small Lenders Act.; Indirect Owners: Per 59 O.S. 3150.5 (B) (1), all directors, officers or ten percent (10%) or more shareholders of the applicant or who owns or controls the applicant, as well as from any other individual associated with the applicant as is reasonably necessary to meet the purposes of the Oklahoma Small Lenders Act.

Ongoing reporting

MCR — Mortgage Call Report

Not required

A periodic report of loan origination and servicing activity filed through NMLS.

SSSF — State-Specific Supplemental Form

Not required

A state-specific form filed alongside standard NMLS reporting to satisfy that state's additional requirements.

UAAR — UAAR

Not required

A state reporting requirement. The full definition has not yet been verified against NMLS or state-regulator source documentation — treat as provisional pending confirmation. (definition pending verification)

Advance-change notice timing

Legal name change notice

30 days

Main address change notice

30 days