Oklahoma Mortgage Lender License Bond
What is an Oklahoma Mortgage Lender License Bond?
A Mortgage Lender License Bond is a type of surety bond issued to the Administrator of the Oklahoma Department of Consumer Credit for those licensed or applying to be licensed to transact business as a Mortgage Lender pursuant to the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act, Sections 2095.3 et seq. of Title 59, Oklahoma Statutes (the “Act”). The Mortgage Lender License Bond ensures compliance with all of the provisions of the Act, and satisfaction of all expenses, civil penalties and fees assessed against the bonded mortgage lender related to losses or damages incurred by a borrower or consumer as a result of the mortgage lender's failure to comply with the requirements of the Act or the duties and obligations under the license.