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On June 30, the Oklahoma Department of Consumer Credit extended, for the third time, its interim guidance to regulated entities on working from home (see here, here, and here for previous coverage). The guidance sets forth data security standards that regulated entities must meet in order for the department to take no action with respect to employees conducting activities that would otherwise require licensure of their homes. The revised guidance also provides that the department will expedite and waive fees for change of address applications in the event that a licensed location is compromised by Covid-19 or is undergoing decontamination. The guidance was extended through September 30, 2020.
On May 21, the Oklahoma governor signed SB 1682, which prohibits any state municipality or other political subdivision from regulating certain practices of businesses and occupations licensed, regulated, and controlled under the supervision of the state’s Department of Consumer Credit. Specifically, local governments may not regulate interest rates, fees, or physical locations, or prevent licensed lenders from engaging in lending practices authorized under the state law. Additionally, SB 1682 allows a person whose rights are violated under the provisions of this section the right to bring an action for injunctive relief. The act takes effect November 1.
Oklahoma Department of Consumer Credit issues amended interim guidance regarding remote work for employees of licensees
On April 23, the Oklahoma Department of Consumer Credit issued amended interim guidance to licensees regarding temporary operations from home and alternate locations. Mortgage loan originators and employees of other regulated entities who are typically required to work only from licensed locations may work from home, and sets forth data security requirements that must be met to conduct activities from home. Companies may also use an alternate site for conducting business if a licensed location is compromised or undergoing decontamination procedures. In such an event, the department is prepared to expedite address changes and waive associated fees. The department also states that it will work with affected licensees to schedule examinations or inspections to minimize disruption. The interim guidance is effective through May 31, 2020, unless otherwise changed, extended, or withdrawn.
On April 8, the Oklahoma governor issued an executive order closing all businesses that are not within a critical infrastructure or considered “essential” as defined by the Oklahoma Department of Commerce. The Oklahoma Essential Industries List includes financial services institutions and their workers. The order is effective until May 8.
The Oklahoma Secretary of State published FAQs on online remote notarization, encouraging businesses to utilize remote notarization capacity in order to bypass in-person meetings and physical delivery of documents. The FAQs also discuss the authorization, bond, and recordkeeping requirements applicable to remote notarization.
In late March, the Commissioner of the Oklahoma State Banking Department issued FAQs as a supplement to FAQs issued earlier by the FDIC. The FAQs address: (i) working with borrowers, and appropriately documenting the credit file; (ii) closing a lobby but maintaining drive through service; (iii) access to safe deposit boxes; (iv) conducting board meetings remotely, and (v) bank examinations.
On March 25, the Office of the Governor issued Amended Executive Memorandum 2020-01 to identify additional sectors as critical infrastructure including financial services such as finance and insurance, real estate and leasing services, management of companies, business associations and financial advisory. The Oklahoma Commerce website identifies additional resources for essential business: (i) an Oklahoma Essential Business List, and (ii) an Essential Business Inquiry Form to allow business owners to request clarification for their industry regarding status as an essential business or to request that their industry be considered an essential business.
On March 13, the Oklahoma Department of Consumer Credit issued interim guidance outlining requirements for the temporary operations from home and alternate locations and expedited change of address and temporary fee waivers for licensed locations that are compromised and/or undergoing decontamination procedures.
- Daniel R. Alonso to discuss "When can trial lawyers take their case to the public? The Harvey Weinstein case and beyond" at a New York City Bar Association webcast
- Jonice Gray Tucker to discuss "Fair servicing in wake of Covid-19" at an American Bar Association webinar
- APPROVED Webcast: Maximizing vendor value
- Daniel P. Stipano to discuss "Cram for the exam: Best prep strategies for a regulatory examination" at an ACAMS webinar
- Melissa Klimkiewicz to discuss "Flood insurance basics" at the NAFCU Virtual Regulatory Compliance School
- Sasha Leonhardt to discuss "Privacy laws clarified" at the National Settlement Services Summit (NS3)