Oklahoma House Bill 1828 requires Oklahoma Mortgage Lenders to post a surety bond as a part of the mandatory licensing process. The Oklahoma Mortgage Lender License Surety Bond ensures that the principle will comply with the requirements of the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act. In cases of noncompliance, the bond holder must pay for the recovery of expenses, civil penalties, damages, and fees.
The required bond amount is $100,000.
The price for the bond, also known as the bond premium, is only a small fraction of the bond amount. The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.
As a requirement of the obligee, licenses are valid for one year and must be renewed annually. All licensing fees are required by the obligee, not the surety company.