reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1321 | Various Loans › Section 1321.79 | Insurance Premium Finance Company Finance Charge Limits.

Effective:
September 29, 1994
Latest Legislation:
Senate Bill 259 - 120th General Assembly
(A) A premium finance company shall not charge, contract for, receive, or collect a finance charge other than as permitted by sections 1321.71 to 1321.83 of the Revised Code.
(B) The finance charge shall be computed on the balance of the premium due, after subtracting the down payment made by the insured in accordance with the premium finance agreement, from the effective date of the insurance coverage, for which the premium is being advanced, to and including the date when the final installment of the premium finance agreement is payable, without regard to any requirement for installment payments.
(C) The finance charge shall be computed at a maximum rate of twelve dollars per one hundred dollars per year, plus an acquisition charge of twenty dollars per premium finance agreement which need not be refunded upon cancellation or prepayment. However, if the insurance policies described in the premium finance agreement are primarily for other than personal, family, or household purposes, the licensee may contract for and receive any finance charge agreed to in writing by the licensee and the insured.
(D)(1) Notwithstanding any provision in a premium finance agreement to the contrary, any insured may prepay his obligation under a premium finance agreement in full at any time before the final payment is due. In such event any unearned finance charge shall be refunded by the insurance premium finance company. The amount of any refund shall be calculated in accordance with the rule commonly known as the "rule of 78" or any other method more beneficial to the insured. A refund calculated in accordance with the "rule of 78" shall represent at least as great a proportion of the finance charge, if any, as the sum of the periodic balances at the nearest installment due date to the date on which prepayment is made bears to the sum of all periodic balances under the original schedule of payments in the agreement. If the amount of any refund computed under division (D)(1) of this section is less than three dollars, no refund need be made.
(2) With respect to any premium finance agreement that is cancelled, the unearned finance charge shall be refunded in the same manner as set forth in division (D)(1) of this section. If the balance due on such an agreement is not paid in full, the licensee may earn interest at the rate stated in the agreement until paid in full.
Last updated November 5, 2021 at 5:11 PM
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1321 | Various Loans › Section 1321.791 | Insurance Premium Finance Company Alternative Finance Charges.

Effective:
February 11, 1982
Latest Legislation:
House Bill 526 - 114th General Assembly
As an alternative to the finance charges permitted by division (C) of section 1321.79 of the Revised Code, a premium finance company may contract for and receive finance charges at any rate or rates agreed upon or consented to by the parties to the premium finance agreement or revolving credit premium finance agreement, but not exceeding an annual percentage rate of twenty-five per cent.
Last updated November 5, 2021 at 5:13 PM
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1321 | Various Loans › Section 1321.80 | Delinquency, Cancellation, and Check Collection Charges.

Effective:
September 29, 1994
Latest Legislation:
Senate Bill 259 - 120th General Assembly
A premium finance agreement may provide for the payment by the insured of any of the following:
(A) A delinquency charge of not more than five per cent of any installment that is in default for a period of more than five days. If the insurance policies described in the premium finance agreement are primarily for personal, family, or household purposes, the maximum delinquency charge shall be ten dollars.
(B) A cancellation charge of ten dollars when the default results in the cancellation of any insurance contract described in the agreement.
(C) A check collection charge of not more than ten dollars, plus any amount passed on from other financial institutions, for each check, negotiable order of withdrawal, share draft, or other negotiable instrument returned or dishonored for any reason.
Last updated November 5, 2021 at 5:16 PM
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1321 | Various Loans › Section 1321.81 | Cancellation of Insurance Contract Listed in Premium Finance Agreement.

Effective:
September 29, 1994
Latest Legislation:
Senate Bill 259 - 120th General Assembly
(A) When a premium finance agreement contains a power of attorney authorizing the premium finance company to cancel any insurance contract or contracts listed in the agreement, the insurance contract or contracts shall not be cancelled by the premium finance company unless the cancellation is effectuated in accordance with this section.
(B) Not less than ten days' written notice shall be mailed to the insured at his last known mailing address, as shown on the records of the premium finance company, of the intent of the premium finance company to cancel the insurance contract unless the default is cured within such ten-day period.
(C) After expiration of such ten-day period, the premium finance company may cancel, in the name of the insured, such insurance contract or contracts by mailing to the insurer a notice of cancellation, and the insurance contract shall be cancelled as if such notice of cancellation had been submitted by the insured himself, but without requiring the return of the insurance contract or contracts. The premium finance company also shall mail a notice of cancellation to the insured at his last known mailing address, as shown on the records of the premium finance company.
(D) All statutory, regulatory, and contractual restrictions providing that the insurance contract may not be cancelled unless notice is given to a governmental agency, mortgagee, or other third party shall apply where cancellation is effected under this section. The insurer shall give the prescribed notice in behalf of itself or the insured to any governmental agency, mortgagee, or third party on or before the second business day after the day it receives the notice of cancellation from the premium finance company and shall determine the effective date of cancellation taking into consideration the number of days' notice required to complete the cancellation.
(E) The premium finance company shall retain copies of the notices required under divisions (B) and (C) of this section by placing them in the insured's file or by preserving them in a retrieval system maintained in whole or in part by mechanical or electronic data processing methods.
Last updated November 5, 2021 at 5:17 PM
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1321 | Various Loans › Section 1321.82 | Return to Insurance Premium Finance Company of Gross Unearned Premium Upon Cancellation of Insurance Contract.

Effective:
September 29, 1994
Latest Legislation:
Senate Bill 259 - 120th General Assembly
(A) Whenever a financed insurance policy is cancelled, the insurer that has been notified pursuant to division (C) of section 1321.78 of the Revised Code shall, not later than sixty days after the date of cancellation, return whatever gross unearned premium is due under the insurance policy to the insurance premium finance company for the account of the insured or insureds. If the insurer returns the unearned premium through the agent or agency writing the insurance, the agent or agency shall remit the premium to the insurance premium finance company within that sixty-day period. If the insurer receives written notice of the failure of the agent or agency to remit the unearned premium, the insurer shall, not later than sixty days after it receives the notice, pay the amount of that premium directly to the insurance premium finance company.
(B) If the crediting of unearned premium to the account of the insured results in a surplus over any indebtedness owed by the insured to the premium finance company, the premium finance company shall refund such excess to the insured at his last known mailing address as shown on the records of the premium finance company, except that no such refund is required if it amounts to less than three dollars.
Last updated November 5, 2021 at 5:18 PM
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1321 | Various Loans › Section 1321.83 | Secured Transactions Filing Provisions Not Applicable to Insurance Premium Finance Agreements.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
No filing provisions of Chapter 1309. of the Revised Code apply to insurance premium finance agreements, and no filing of the premium finance agreement is necessary to perfect the validity of such agreements as a secured transaction as against creditors, subsequent purchasers, pledgees, encumbrancers, trustees in bankruptcy or any other insolvency proceeding under any law, or their successors or assigns.
Last updated November 5, 2021 at 5:21 PM
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1321 | Various Loans › Section 1321.84 | Effect of Child Support Default on License, Certificate, or Permit.

Effective:
March 22, 2001
Latest Legislation:
Senate Bill 180 - 123rd General Assembly
On receipt of a notice pursuant to section 3123.43 of the Revised Code, the division of consumer finance shall comply with sections 3123.41 to 3123.50 of the Revised Code and any applicable rules adopted under section 3123.63 of the Revised Code with respect to a license, certificate, or permit issued pursuant to this chapter.
Last updated November 5, 2021 at 5:21 PM
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1321 | Various Loans › Section 1321.99 | Penalty.

Effective:
October 29, 2018
Latest Legislation:
House Bill 123 - 132nd General Assembly
(A) Whoever violates section 1321.02 of the Revised Code is guilty of a felony of the fifth degree.
(B) Whoever violates section 1321.13 of the Revised Code shall be fined not less than one hundred nor more than five hundred dollars or imprisoned not more than six months, or both.
(C) Whoever violates section 1321.14 of the Revised Code shall be fined not less than fifty nor more than two hundred dollars for a first offense; for a second offense such person shall be fined not less than two hundred nor more than five hundred dollars and imprisoned for not more than six months.
(D) Whoever willfully violates section 1321.57, 1321.58, division (A), (B), or (C) of section 1321.59, 1321.591, or 1321.60 of the Revised Code is guilty of a minor misdemeanor and shall be fined not less than one nor more than five hundred dollars.
(E)(1) Whoever violates section 1321.63 or division (H), (I), or (K) of section 1321.69 of the Revised Code is guilty of a felony of the fifth degree.
(2) A violation of section 1321.63 or division (K) of section 1321.69 of the Revised Code is a strict liability offense and section 2901.20 of the Revised Code does not apply.
(F) Whoever violates division (A) of section 1321.73 of the Revised Code shall be fined not more than five hundred dollars or imprisoned not more than six months, or both.
(G) Whoever violates section 1321.41 of the Revised Code is guilty of a misdemeanor of the first degree.
(H) Whoever violates section 1321.141 or 1321.592 of the Revised Code is guilty of a minor misdemeanor and shall be fined not less than one hundred nor more than five hundred dollars.
(I) The offenses established under sections 1321.141, 1321.41, and 1321.592 of the Revised Code are strict liability offenses and section 2901.20 of the Revised Code does not apply. The designation of these offenses as strict liability offenses shall not be construed to imply that any other offense for which there is no specified degree of culpability, whether in this section or another section of the Revised Code, is not a strict liability offense.
(J) The imposition of fines pursuant to this section does not preclude the imposition of any administrative fines or civil penalties authorized under section 1321.54 or any other section of the Revised Code.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla) › Section 1322.02 | Rules Amending Definitions of Mortgage Broker, Lender, or Originator; Rules Amending Criteria for Letters of Exemption.

Effective:
September 1, 2021
Latest Legislation:
House Bill 133 - 134th General Assembly
The superintendent of financial institutions may, by rule, amend the definition of mortgage loan originator, mortgage broker, mortgage lender, mortgage servicer, or any other definition in section 1322.01 of the Revised Code, or the criteria for an entity to obtain a letter of exemption, or a registration or license, under this chapter, if the superintendent finds that the change is necessary to remain consistent with the purposes intended by the policy and provisions of the "Secure and Fair Enforcement for Mortgage Licensing Act of 2008," 122 Stat. 2810, 12 U.S.C. 5101.
Rules authorized by this section shall be adopted in accordance with Chapter 119. of the Revised Code.
Last updated June 22, 2021 at 1:07 PM
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla) › Section 1322.04 | Applicability of Rmla.

Effective:
September 1, 2021
Latest Legislation:
House Bill 133 - 134th General Assembly
This chapter does not apply to any of the following:
(A) Any entity chartered and lawfully doing business under the authority of any law of this state, another state, or the United States as a bank, savings bank, trust company, savings and loan association, or credit union, or a subsidiary of any such entity, which subsidiary is regulated by a federal banking agency and is owned and controlled by a depository institution;
(B) A consumer reporting agency that is in substantial compliance with the "Fair Credit Reporting Act," 84 Stat. 1128, 15 U.S.C. 1681a, as amended;
(C) Any political subdivision, or any governmental or other public entity, corporation, instrumentality, or agency, in or of the United States or any state;
(D) A college or university, or controlled entity of a college or university, as those terms are defined in section 1713.05 of the Revised Code;
(E) Any entity created solely for the purpose of securitizing loans secured by an interest in real estate, provided the entity does not service the loans. As used in this division, "securitizing" means the packaging and sale of mortgage loans as a unit for sale as investment securities, but only to the extent of those activities.
(F) Any person engaged in the retail sale of manufactured homes, mobile homes, or industrialized units, including a manufactured home park operator, as defined in section 4781.01 of the Revised Code, if, in connection with obtaining financing by others for those retail sales, the person does not do any of the following:
(1) Offer or negotiate the residential mortgage loan rates or terms;
(2) Fail to give a borrower written disclosure of any corporate affiliation the person has with any lender, or fail to refer a borrower to at least one unaffiliated lender if the person recommends a lender with which the person has a corporate affiliation;
(3) Receive any compensation or gain from any company or individual for assisting the borrower to obtain or apply for financing to purchase the manufactured home, mobile home, or industrialized unit.
(G) A bona fide nonprofit organization;
(H) A credit union service organization, provided that the organization utilizes services provided by registered mortgage loan originators or that it holds a valid letter of exemption issued by the superintendent of financial institutions under division (B)(1) of section 1322.05 of the Revised Code.
(I) A depository institution not otherwise required to be licensed under this chapter that voluntarily makes a filing on the nationwide mortgage licensing system and registry as an exempt entity for the purpose of licensing loan originators exclusively associated with the institution and that holds a valid letter of exemption issued by the superintendent pursuant to division (B)(1) of section 1322.05 of the Revised Code.
Last updated June 22, 2021 at 1:08 PM
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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.
2023 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
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla) › Section 1322.42 | Restrictions Regarding Referrals.

Effective:
March 23, 2018
Latest Legislation:
House Bill 199 - 132nd General Assembly
(A)(1) No registrant or licensee or person required to be registered or licensed under this chapter shall refer a buyer to any settlement service provider, including any title insurance company, that has an affiliated business arrangement with the registrant, licensee, or person without providing the buyer with written notice as required by rule adopted by the superintendent.
(2) As used in division (A)(1) of this section, "affiliated business arrangement" has the same meaning as in 12 U.S.C. 2602.
(B) No registrant or licensee shall refer a buyer to an appraisal company, if the registrant or licensee, a member of the immediate family of an owner of the registrant, or a member of the licensee's immediate family, has either of the following financial relationships with the appraisal company:
(1) An ownership or investment interest in the company, whether through debt, equity, or other means;
(2) Any compensation arrangement involving any remuneration, directly or indirectly, overtly or covertly, in cash or in kind.
(C) No registrant or licensee shall knowingly enter into an arrangement or scheme, including a cross-referral arrangement, that has a principal purpose of assuring referrals by a registrant or licensee to a particular appraisal company that would violate division (B) of this section.
(D) The registrant, licensee, and entity holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code, or person required to be registered or licensed under this chapter shall retain proof that the buyer received the written disclosures required by division (A) of this section for four years.
Last updated June 22, 2021 at 2:30 PM
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla) › Section 1322.43 | Supervision of Mortgage Loan Originator and Associated Persons; Procedures to Avoid Violations; Remote Work.

Effective:
September 13, 2022
Latest Legislation:
Senate Bill 264 - 134th General Assembly
(A) No registrant and entity holding a valid letter of exemption under this chapter, through its operations manager or otherwise, shall fail to do either of the following:
(1) Reasonably supervise a mortgage loan originator or any other person associated with the registrant or entity;
(2) Establish reasonable procedures designed to avoid violations of any provision of this chapter or the rules adopted under this chapter, or violations of applicable state and federal consumer and lending laws or rules, by mortgage loan originators or any other person associated with the registrant or entity.
(B) No registrant or entity holding a letter of exemption issued under this chapter shall:
(1) Receive, directly or indirectly, a premium on the fees charged for services performed by a bona fide third party;
(2) Pay or receive, directly or indirectly, a referral fee or kickback of any kind to or from a bona fide third party or other party with a related interest in the transaction, including a home improvement builder, real estate developer, or real estate broker or agent, for the referral of business.
(C)(1) Notwithstanding any provision of this chapter to the contrary, a registrant or entity holding a letter of exemption under this chapter may allow a mortgage loan originator or any other person associated with the registrant or entity to transact business on behalf of the registrant or entity from a location other than the registrant's or entity's principal office or a branch office if all of the following apply:
(a) The registrant or entity has a written policy governing the supervision of the mortgage loan originator or other person associated with the registrant or entity while the originator or person transacts business on behalf of the registrant or entity from such a location.
(b) Access to the registrant's or entity's platform and customer information is in accordance with the registrant's or entity's written information security plan.
(c) The mortgage loan originator or other person associated with the registrant or entity does not interact with a customer at the originator's or person's residence, unless the residence is the registrant's or entity's principal office or a branch office.
(d) Physical records are not maintained at such a location.
(2) The superintendent of financial institutions may charge a registrant or entity an annual fee to cover the costs associated with administering division (C)(1) of this section. The fee shall not exceed twenty-five dollars for each location at which a mortgage loan originator or any other person associated with the registrant or entity transacts business on behalf of the registrant or entity other than the registrant's or entity's principal office or a branch office.
Last updated June 30, 2022 at 5:05 PM
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla) › Section 1322.45 | Additional Duties of Registrants and Licensees; Recovery of Damages by Buyer.

Effective:
March 23, 2018
Latest Legislation:
House Bill 199 - 132nd General Assembly
(A) A registrant, a licensee, and any person required to be registered or licensed under this chapter, in addition to duties imposed by other statutes or common law, shall do all of the following:
(1) Safeguard and account for any money handled for the buyer;
(2) Follow reasonable and lawful instructions from the buyer;
(3) Act with reasonable skill, care, and diligence;
(4) Act in good faith and with fair dealing in any transaction, practice, or course of business in connection with the brokering or originating of any residential mortgage loan;
(5) Make reasonable efforts to secure a residential mortgage loan, from lenders with whom the registrant, licensee, or person regularly does business, with rates, charges, and repayment terms that are advantageous to the buyer.
(B) Division (A) of this section shall not apply to wholesale lenders. However, wholesale lenders are subject to all other requirements applicable to mortgage brokers and nonbank mortgage lenders. For purposes of this division, "wholesale lender" means a company that has been issued a certificate of registration and that enters into transactions with buyers exclusively through unaffiliated third-party mortgage brokers.
(C) The duties and standards of care created in this section cannot be waived or modified.
(D)(1) A buyer injured by a failure to comply with this section may bring an action for recovery of damages.
(2) Damages awarded under division (D)(1) of this section shall not be less than all compensation paid directly or indirectly to a mortgage broker from any source, plus reasonable attorney's fees and court costs.
(3) The buyer may be awarded punitive damages.
(E) A buyer injured by a failure to comply with this section is precluded from recovering any damages, plus reasonable attorney's fees and costs, if the buyer has also recovered any damages in a cause of action initiated under section 1322.52 of the Revised Code and the recovery of damages for a failure to comply with this section is based on the same acts or circumstances as the basis for recovery of damages in section 1322.52 of the Revised Code.
(F) This section shall not be interpreted by the superintendent to require a separate account for deposit of buyer funds.
Last updated June 22, 2021 at 2:33 PM
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla) › Section 1322.46 | Disclosures in Advertising.

Effective:
March 23, 2018
Latest Legislation:
House Bill 199 - 132nd General Assembly
(A) A registrant or mortgage loan originator shall disclose in any printed, televised, broadcast, electronically transmitted, or published advertisement relating to the registrant's or mortgage loan originator's services, including on any electronic site accessible through the internet, the business name of the registrant or mortgage loan originator and the unique identifier of the registrant or mortgage loan originator.
(B) In making any advertisement, a registrant shall comply with 12 C.F.R. 226.16, as amended.
Last updated June 22, 2021 at 2:33 PM
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla) › Section 1322.51 | Effect of Child Support Default on Registration or License.

Effective:
March 23, 2018
Latest Legislation:
House Bill 199 - 132nd General Assembly
On receipt of a notice pursuant to section 3123.43 of the Revised Code, the division of financial institutions shall comply with sections 3123.41 to 3123.50 of the Revised Code and any applicable rules adopted under section 3123.63 of the Revised Code with respect to a certificate or license issued pursuant to this chapter.
Last updated June 22, 2021 at 2:35 PM