reglab/housing_qa huggingface dataset:
Ohio Rev Code § 1322.07 (2021)
2021 Ohio Revised Code|Title 13 | Commercial Transactions|Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla)|Section 1322.07 | Requirement to Obtain Certificate of Registration or License.

Effective: September 1, 2021|Latest Legislation:  House Bill 133 - 134th General Assembly|(A)(1) No person, on the person's own behalf or on behalf of any other person, shall engage in the transaction of business as a mortgage lender, mortgage servicer, or mortgage broker in this state without first having obtained a certificate of registration from the superintendent of financial institutions for the principal office and every branch office to be maintained by the person for the transaction of business as a mortgage lender, mortgage servicer, or mortgage broker in this state.  (2) A registrant shall maintain an office location for the transaction of business as a mortgage lender, mortgage servicer, or mortgage broker in any state of the United States. Registrants are not required to maintain a physical location in this state. (B)(1) No individual shall act as a mortgage loan originator without first having obtained a license from the superintendent. A mortgage loan originator shall be employed by or associated with a registrant or entity holding a valid letter of exemption under this chapter, but shall not be employed by or associated with more than one registrant or entity holding a valid letter of exemption under this chapter at any one time. (2) An individual acting under the individual's authority as a registered mortgage loan originator shall not be required to be licensed under division (B)(1) of this section. Last updated June 22, 2021 at 1:10 PM
Ohio Rev Code § 1322.12 (2021)
2021 Ohio Revised Code|Title 13 | Commercial Transactions|Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla)|Section 1322.12 | Designation of Operations Manager; Eligibility.

Effective: September 1, 2021|Latest Legislation:  House Bill 133 - 134th General Assembly|(A) Each registrant or entity holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code shall designate an employee or owner of that registrant's business as the operations manager. The operations manager shall be responsible for the management, supervision, and control of a particular registrant. (B) To be eligible for such a designation, an employee or owner shall have at least three years of experience in the residential mortgage and lending field including experience as a mortgage loan originator, registered mortgage loan originator, or other experience related to the business of residential mortgage lending that the superintendent determines is sufficient. While acting as the operations manager, the employee or owner shall be licensed as a mortgage loan originator under this chapter and shall not be employed by any other mortgage lender, mortgage broker, or mortgage servicer.  (C) If the person designated as the operations manager pursuant to this section ceases to be the operations manager, the registrant shall do all of the following: (1) Within ninety days after the person ceases to be the operations manager, designate another person as the operations manager; (2) Within ten days after the designation described in division (C)(1) of this section, notify the superintendent in writing of the new designation; (3) Submit any additional information that the superintendent requires to establish that the newly designated operations manager meets the requirements set forth in this section. (D) The registrant shall cease operations if it is without an operations manager approved by the superintendent for more than one hundred eighty days unless otherwise authorized in writing by the superintendent due to exigent circumstances. Last updated June 22, 2021 at 1:12 PM
Ohio Rev Code § 1322.15 (2021)
2021 Ohio Revised Code|Title 13 | Commercial Transactions|Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla)|Section 1322.15 | Obfuscation or Concealment of True Ownership or Control.

Effective: September 1, 2021|Latest Legislation:  House Bill 133 - 134th General Assembly|No person shall acquire, sell, transfer, or hypothecate any interest in a registrant, or an entity holding a letter of exemption issued under this chapter, or an applicant for a certificate of registration under this chapter in order to obfuscate or conceal the true ownership or control of the registrant, exemption holder, or applicant. Last updated June 15, 2021 at 5:33 PM
Ohio Rev Code § 1322.16 (2021)
2021 Ohio Revised Code|Title 13 | Commercial Transactions|Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla)|Section 1322.16 | Transfer of Ownership Interests; Notification.

Effective: March 23, 2018|Latest Legislation:  House Bill 199 - 132nd General Assembly|(A) A registrant that is a corporation, limited liability company, partnership, trust, or other business entity or association shall notify the division of financial institutions of every sale, transfer, or hypothecation of any stock, security, membership, partnership, or other equitable, beneficial, or ownership interest in the entity or association, if the interest represents at least a five per cent membership, partnership, or other equitable, beneficial, or ownership interest in the entity or association.(B) Every person that acquires or otherwise receives an interest described in division (A) of this section is subject to this chapter. The division may make any investigation necessary to determine whether any fact or condition exists that, if it had existed at the time of the original application for a certificate of registration, the fact or condition would have warranted the division to deny the application under section 1322.10 of the Revised Code. If such a fact or condition is found, the division may, in accordance with Chapter 119. of the Revised Code, revoke the registrant's certificate. Last updated June 22, 2021 at 1:13 PM
Ohio Rev Code § 1322.17 (2021)
2021 Ohio Revised Code|Title 13 | Commercial Transactions|Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla)|Section 1322.17 | Persons Registered Solely to Sell Leads or to Match Buyers.

Effective: March 23, 2018|Latest Legislation:  House Bill 199 - 132nd General Assembly|A person registered under this chapter solely to sell leads of potential buyers to residential mortgage lenders or mortgage brokers, or solely to match buyers with residential mortgage lenders or mortgage brokers through a computerized loan origination system recognized by the United States department of housing and urban development, shall be required to make only those disclosures under this chapter that apply to the portion of the transaction during which they have direct buyer contact, and shall be subject to all fair conduct and prohibition requirements in their dealing with buyers. Last updated June 22, 2021 at 1:14 PM
Ohio Rev Code § 1322.27 (2021)
2021 Ohio Revised Code|Title 13 | Commercial Transactions|Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla)|Section 1322.27 | Examination for Mortgage Loan Originator License.

Effective: March 23, 2018|Latest Legislation:  House Bill 199 - 132nd General Assembly|Each applicant for a mortgage loan originator license shall submit to a written test that is developed and approved by the nationwide mortgage licensing system and registry and administered by an approved test provider.(A) The test shall adequately measure the applicant's knowledge and comprehension in appropriate subject areas, including ethics, federal and state law related to mortgage origination, fraud, consumer protection, and the nontraditional mortgage marketplace, and fair lending issues.(B) An individual shall not be considered to have passed the written test unless the individual answers at least seventy-five per cent of the questions correctly.(C) An individual may retake the test three consecutive times provided the period between taking the tests is at least thirty days. If an individual fails three consecutive tests, the individual shall be required to wait at least six months before taking the test again.(D) If a mortgage loan originator fails to maintain a valid mortgage loan originator license for a period of five years or longer, the individual shall be required to retake the test.For this purpose, any time during which the individual is a registered mortgage loan originator shall not be taken into account. Last updated June 22, 2021 at 1:19 PM
Ohio Rev Code § 1322.28 (2021)
2021 Ohio Revised Code|Title 13 | Commercial Transactions|Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla)|Section 1322.28 | Continuing Education for Mortgage Loan Originator.

Effective: March 23, 2018|Latest Legislation:  House Bill 199 - 132nd General Assembly|(A) Each licensee shall complete at least eight hours of continuing education every calendar year. To fulfill this requirement, the eight hours of continuing education must be offered in a course or program of study reviewed and approved by the superintendent of financial institutions. The course or program of study shall include all of the following:(1) Three hours of applicable federal law and regulations;(2) Two hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues;(3) Two hours of training related to lending standards for non-qualified mortgages, as defined in 12 C.F.R. 1026.43, or the nontraditional mortgage product marketplace.(B) Continuing education courses shall be reviewed and approved by the nationwide mortgage licensing system and registry based upon reasonable standards.(C) The following conditions shall apply to the continuing education required by this section:(1) An individual cannot take the same approved course in the same or successive years to meet the annual requirement for continuing education.(2) An individual can only receive credit for a continuing education course in the year in which the course is taken, unless the individual is making up a deficiency in continuing education as permitted by rule or order of the superintendent.(3) A licensee who subsequently becomes unlicensed must complete the continuing education requirement for the last year in which the license was held prior to the issuance of a new or renewed license.(4) A licensee who is approved as an instructor of a continuing education course receives credit for the licensee's own annual continuing education requirement at the rate of two credit hours for every one hour taught.(5) If an individual successfully completed a continuing education course reviewed and approved by the nationwide mortgage licensing system and registry as required by another state, the individual can receive credit toward completion of the continuing education requirement of this state. Last updated June 22, 2021 at 1:21 PM
Ohio Rev Code § 1322.29 (2021)
2021 Ohio Revised Code|Title 13 | Commercial Transactions|Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla)|Section 1322.29 | Supervision of Mortgage Loan Originator; Transfer of License.

Effective: September 1, 2021|Latest Legislation:  House Bill 133 - 134th General Assembly|(A) A registrant or entity holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code shall supervise all business of a mortgage loan originator conducted at the principal office, any branch office, or other location used by the individual mortgage loan originator. (B) If a mortgage loan originator's employment or association is terminated for any reason, the licensee may request the transfer of the license to another registrant by submitting a transfer application, along with a fifteen-dollar fee and any fee required by the national mortgage licensing system and registry, to the superintendent of financial institutions or may request the superintendent in writing to hold the license in escrow. Any licensee whose license is held in escrow shall cease activity as a mortgage loan originator. A licensee whose license is held in escrow shall be required to apply for renewal annually and to comply with the annual continuing education requirement. (C) A registrant may employ or be associated with a mortgage loan originator on a temporary basis pending the transfer of the mortgage loan originator's license to the registrant, if the registrant receives written confirmation from the superintendent that the mortgage loan originator is licensed under this chapter. (D) Notwithstanding divisions (A) to (C) of this section, if a licensee is employed by or associated with a person or entity holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code, and if the mortgage loan originator's employment or association is terminated, the mortgage loan originator shall notify the superintendent within five business days after termination. The licensee may request the transfer of the license to another person or entity holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code by submitting a transfer application, along with a fifteen-dollar fee and any fee required by the national mortgage licensing system and registry, to the superintendent or may request the superintendent in writing to hold the license in escrow. A licensee whose license is held in escrow shall cease activity as a mortgage loan originator. A licensee whose license is held in escrow shall be required to apply for renewal annually and to comply with the annual continuing education requirement. (E) A licensee may seek to be employed by or associated with a registrant or a person or entity holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code, if the registrant receives written confirmation from the superintendent that the mortgage loan originator is licensed under this chapter. Last updated June 22, 2021 at 1:25 PM
Ohio Rev Code § 1322.30 (2021)
2021 Ohio Revised Code|Title 13 | Commercial Transactions|Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla)|Section 1322.30 | Interest.

Effective: September 1, 2021|Latest Legislation:  House Bill 133 - 134th General Assembly|A registrant or entity holding a letter of exemption under this chapter may contract for and receive interest at any rate or rates agreed upon or consented to by the parties to the residential mortgage loan, but not exceeding an annual percentage rate of twenty-five per cent. Last updated June 15, 2021 at 5:35 PM
Ohio Rev Code § 1322.34 (2021)
2021 Ohio Revised Code|Title 13 | Commercial Transactions|Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla)|Section 1322.34 | Examination and Maintenance of Records; Reports to Nmls.

Effective: September 1, 2021|Latest Legislation:  House Bill 133 - 134th General Assembly|(A) As often as the superintendent of financial institutions considers it necessary, the superintendent may examine the records of a registrant or licensee or holder of a letter of exemption issued under this chapter, including all records created or processed by a licensee, pertaining to business transacted pursuant to this chapter.  (B) A registrant or licensee shall maintain records pertaining to business transacted pursuant to this chapter for four years. For purposes of this division, "registrant or licensee" includes any person whose certificate of registration or license is cancelled, surrendered, or revoked or who otherwise ceases to engage in business as a mortgage lender, mortgage servicer, mortgage broker, or mortgage loan originator. No registrant or licensee shall fail to comply with this division. (C) Each registrant, licensee, and entity holding a valid letter of exemption issued under this chapter shall submit to the nationwide mortgage licensing system and registry call reports or other reports of condition, which reports shall be in such form and shall contain such information as the nationwide mortgage licensing system and registry may require. Each registrant and entity holding a valid letter of exemption under this chapter shall ensure that all residential mortgage loans that are consummated as a result of a mortgage loan originator's loan origination activities or serviced by the registrant or entity holding a valid exemption are included in the report of condition submitted to the nationwide mortgage licensing system and registry. (D) Any document or record that is required to be signed and that is filed in this state as an electronic record through the nationwide mortgage licensing system and registry, and any other electronic record filed through the nationwide mortgage licensing system and registry, shall be considered a valid original document upon reproduction to paper form by the division of financial institutions. (E) In the event electronic records, books, records, data, and documents of a registrant or holder of a letter of exemption issued under this chapter are located outside of this state and the superintendent determines that an in-person examination is necessary, the registrant or holder of a letter of exemption shall, upon the request of the superintendent, pay the estimated costs of the examination, including the proportionate cost of the salaries of division of financial institutions employees who conduct the examination. Last updated June 22, 2021 at 2:27 PM
Ohio Rev Code § 1322.35 (2021)
2021 Ohio Revised Code|Title 13 | Commercial Transactions|Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla)|Section 1322.35 | Obstructing Examination or Investigation by Superintendent of Financial Institutions.

Effective: March 23, 2018|Latest Legislation:  House Bill 199 - 132nd General Assembly|No person, in connection with any examination or investigation conducted by the superintendent of financial institutions under this chapter, shall knowingly do any of the following:(A) Circumvent, interfere with, obstruct, or fail to cooperate, including making a false or misleading statement, failing to produce records, or intimidating or suborning any witness;(B) Tamper with, alter, or manufacture any evidence;(C) Withhold, abstract, remove, mutilate, destroy, or secrete any books, records, computer records, or other information. Last updated April 27, 2021 at 5:15 PM
Ohio Rev Code § 1322.40 (2021)
2021 Ohio Revised Code|Title 13 | Commercial Transactions|Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla)|Section 1322.40 | Prohibited Acts.

Effective: March 20, 2019|Latest Legislation:  House Bill 489 - 132nd General Assembly|No registrant, licensee, or person required to be registered or licensed under this chapter, or individual disclosed in an application as required by this chapter, shall do any of the following: (A) Obtain a certificate of registration or mortgage loan originator license through any false or fraudulent representation of a material fact or any omission of a material fact required by state law, or make any substantial misrepresentation in any registration or license application;(B) Make false or misleading statements of a material fact, omissions of statements required by state or federal law, or false promises regarding a material fact, through advertising or other means, or engage in a continued course of misrepresentations; (C) Engage in conduct that constitutes improper, fraudulent, or dishonest dealings;(D) Fail to notify the division of financial institutions within thirty days after any of the following:(1) Being convicted of or pleading guilty or nolo contendere to a felony in a domestic, foreign, or military court;(2) Being convicted of or pleading guilty or nolo contendere to any criminal offense involving theft, receiving stolen property, embezzlement, forgery, fraud, passing bad checks, money laundering, breach of trust, dishonesty, or drug trafficking, or any criminal offense involving money or securities, in a domestic, foreign, or military court; (3) Having a mortgage lender, mortgage servicer, or mortgage broker certificate of registration or mortgage loan originator license, or any comparable authority, revoked in any governmental jurisdiction.(E) Knowingly make, propose, or solicit fraudulent, false, or misleading statements on any mortgage loan document or on any document related to a mortgage loan, including a mortgage application, real estate appraisal, or real estate settlement or closing document. For purposes of this division, "fraudulent, false, or misleading statements" does not include mathematical errors, inadvertent transposition of numbers, typographical errors, or any other bona fide error.(F) Knowingly instruct, solicit, propose, or otherwise cause a buyer to sign in blank a mortgage related document; (G) Knowingly compensate, instruct, induce, coerce, or intimidate, or attempt to compensate, instruct, induce, coerce, or intimidate, a person licensed or certified under Chapter 4763. of the Revised Code for the purpose of corrupting or improperly influencing the independent judgment of the person with respect to the value of the dwelling offered as security for repayment of a mortgage loan;(H) Promise to refinance a loan in the future at a lower interest rate or with more favorable terms, unless the promise is set forth in writing and is initialed by the buyer;(I) Engage in any unfair, deceptive, or unconscionable act or practice prohibited under sections 1345.01 to 1345.13 of the Revised Code.
Ohio Rev Code § 1322.41 (2021)
2021 Ohio Revised Code|Title 13 | Commercial Transactions|Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla)|Section 1322.41 | Prohibited Interest in Appraisal Company.

Effective: March 23, 2018|Latest Legislation:  House Bill 199 - 132nd General Assembly|(A) Except as otherwise provided in division (B) of this section, no registrant, or any member of the immediate family of an owner of a registrant, shall own or control a majority interest in an appraisal company.(B) Division (A) of this section shall not apply to any registrant, or any member of the immediate family of an owner of a registrant, who, on January 1, 2010, directly or indirectly owns or controls a majority interest in an appraisal company. However, such ownership or control is subject to the following conditions:(1) The registrant and members of the immediate family of an owner of a registrant shall not increase their interest in the company.(2) The interest is not transferable to a member of the immediate family of an owner of a registrant.(3) If the registrant is convicted of or pleads guilty or nolo contendere to a criminal violation of this chapter or any criminal offense described in division (A)(1)(b) of section 1322.50 of the Revised Code, the superintendent of financial institutions may, in addition to any of the actions authorized under section 1322.50 of the Revised Code, order the registrant or members of the immediate family of an owner of a registrant to divest their interest in the company. Last updated April 27, 2021 at 5:18 PM