§59-2091.

§59-2091.
   
   A. 1. There is hereby created in the State Treasury a revolving fund
   for the Commission on Consumer Credit to be designated the "Oklahoma
   Mortgage Brokers Recovery Fund". The fund shall consist of monies
   received by the Administrator of Consumer Credit as license fees,
   application fees and any administrative fines imposed pursuant to the
   Mortgage Broker Licensure Act.
   
   2. The revolving fund shall be a continuing fund not subject to fiscal
   year limitations and shall be under the administrative direction of
   the Administrator. Monies accruing to the credit of this fund are
   hereby appropriated and may be budgeted and expended by the
   Commission, pursuant to rules promulgated by the Commission, for the
   purposes specified in subsection B of this section and for
   reimbursement or payment of any direct and indirect administrative
   expenses incurred by the Commission. The provisions of this paragraph
   shall have retroactive and prospective application.
   
   3. Expenditures from the fund shall be made upon warrants issued by
   the State Treasurer against claims filed as prescribed by law with the
   Director of State Finance for approval and payment.
   
   B. 1. Subject to the limitations of this subsection, monies in the
   fund shall be used to reimburse any person in an amount not to exceed
   Five Thousand Dollars ($5,000.00) who has been adjudged by a court of
   competent jurisdiction to have suffered monetary damages by a person
   required to have a license under the Mortgage Broker Licensure Act in
   any transaction or series of transactions for which a license is
   required under the Mortgage Broker Licensure Act because of the
   acquisition of money or property by fraud, misrepresentation, deceit,
   false pretenses, artifice, trickery, or by any other act which would
   constitute a violation of the Mortgage Broker Licensure Act.
   
   2. Payments for claims based on judgments against any one person
   required to have a license under this act shall not exceed in the
   aggregate Thirty Thousand Dollars ($30,000.00).
   
   3. Payments for claims may only be made for a cause of action which
   has accrued on or after November 1, 1997, and which has accrued not
   more than two (2) years prior to filing the action in district court.