Mortgage brokers are under the jurisdiction of the Department of Consumer Credit.

The Oklahoma Commission on Consumer Credit is charged with the responsibility of administering the Uniform Consumer Credit Code, which includes provisions with respect to maximum charges, rate ceilings, disclosure requirements, enforcement rights, contract terms, advertising requirements and administration control.

That responsibility includes investigation and licensing of creditors designated as Supervised Lenders (finance companies), and regulation through filing of notice by non-lender extenders of credit. The Commission also has investigation and licensing duties under the Pawnshop Act, Precious Metal and Gem Dealers Act, Credit Services Organization Act, Health Spa Act, Rental-Purchase Lessor Act and the Mortgage Broker Licensure Act. The Commission conducts customer records exams of licensed Supervised Lenders, Pawnbrokers, Credit Service Organizations and Rental-Purchase Lessors.

The mission of the Commission on Consumer Credit is to further understanding of the terms of credit transactions; protect consumer buyers, lessees and borrowers against unfair practices; and permit and encourage the development of fair and economically sound consumer credit practices in the State of Oklahoma. The mission statement recognizes that the agency’s purposes include implementing and regulating various laws and performing various duties, including: education, enforcement, assisting Oklahoma consumers, acting with consistency and fairness, licensing, industry regulation and protecting consumers.