reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.31 | Court May Order Business of Assignor Carried On.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When satisfied that it would be for the advantage of the creditors of the assignor, and on written application therefor by three-fourths in number and amount of such creditors, the probate court may order any business carried on by the assignor at the time of the assignment, to be continued by the assignee or trustee. When the court deems it to the advantage of the creditors to discontinue the business, it shall order that to be done, and also allow to the assignee or trustee for the benefit of creditors such compensation for conducting it, as may be just, in addition to the fees allowed by sections 1313.50 and 1313.51 of the Revised Code.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.32 | Payment of Liens.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
The probate court shall order the payment of all encumbrances and liens upon any property sold for the benefit of creditors, or rights and credits collected, out of the proceeds thereof, according to priority.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.33 | Questions of Title - Sale of Premises.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When real property to be sold, or which has been contracted to be sold by an assignor prior to the assignment for the benefit of creditors, is encumbered with liens, or when questions in regard to the title, or the dower estate of the wife or widow of the assignor, require a decree to settle them, the assignee may commence a civil action therefor in the court of common pleas or probate court of the proper county, making all persons in interest, including the wife or widow of the assignor, parties.
Upon hearing, the court shall order a sale of the premises, or the completion of such contracts of sale, the payment of encumbrances and the contingent dower interest of the wife or widow, subject to section 1313.35 of the Revised Code, and determine the questions involved as to title to the property.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.34 | Disposition of Proceeds of Sale.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
The proceeds of all the real property of the assignor sold by court order for the benefit of creditors, after payment of liens, encumbrances and the contingent dower rights and interest of his wife or widow, must be reported to the probate court by the assignee, and disposed of as provided in sections 1313.01 to 1313.59, inclusive, of the Revised Code.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.35 | Application of Sections.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Sections 1313.21 to 1313.31, inclusive, of the Revised Code relating to the wife of the assignor as a party to the proceedings thereunder and her rights by virtue thereof, and also relating to ordering property sold at private sale, and upon terms of credit, apply to proceedings under sections 1313.33 and 1313.34 of the Revised Code.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.36 | Homestead Exemptions.

Effective:
September 28, 1979
Latest Legislation:
House Bill 674 - 113th General Assembly
Sections 1313.21 to 1313.35 of the Revised Code do not impair the right of a person to an exemption under division (A)(1) of section 2329.66 of the Revised Code, or the mode provided for enforcing the right.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.37 | Jurisdiction of Court in Action to Foreclose Mortgage or Quiet Title.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Sections 1313.01 to 1313.59, inclusive, of the Revised Code do not take away or limit the jurisdiction of any court of record in which an action to foreclose a mortgage, to quiet title, or in any way to affect the title to or possession of all or part of the real property assigned is pending, at date of an assignment for the benefit of creditors. In such action the assignee may be made a party, with right to defend, and have such decrees, orders, or judgments, as are necessary for the proper administration of his trust, in any surplus after paying liens thereon, asserted in the action.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.38 | Petition to Have Land Laid Out Into Lots.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When an assignee or trustee for the benefit of creditors commences an action, in the court of common pleas or probate court of the proper county, to sell real property, making all persons in interest parties thereto, and at the time fixed for hearing his petition the court is satisfied that all parties in interest have been notified of its pendency, and that such land ought to be sold, if the petition seeks to have it or any part thereof laid out in lots, and the court finds it will be to the advantage of all parties in interest to have this done, it also shall authorize the survey and platting of the land. If it approves the survey and plat made for that purpose, the court shall authorize the assignee or trustee, on behalf of all the parties in interest, to sign, seal, and acknowledge the plat in that behalf for record.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.39 | Presentation of Claims.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Creditors must present their claims within six months after publication of the notice provided for in section 1313.14 of the Revised Code, unless further time is given by the probate court for their allowance. The assignee or trustee for the benefit of creditors shall indorse his allowance or rejection thereon. Persons whose claims are rejected are required to bring suit against such assignee or trustee to enforce such claims within thirty days after they were rejected. If a claimant recovers, the judgment shall be against the assignee or trustee, that he allow the claim in settlement of his trusts, with or without the costs, as the court deems right.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.40 | Report of Claims.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Immediately after the expiration of six months time, within which creditors must present their claims, the assignee or trustee for the benefit of creditors must file in the probate court a report of all claims presented to him for allowance, their several amounts, the date from which, and the rate at which they are entitled to interest, specifying claims allowed and those rejected, with the date of allowance or rejection, what claims are held under advisement, and the post-office address of each creditor whose claim is allowed or rejected.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.41 | Requisition to Have Claim Disallowed.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
If the assignor or a creditor files in the probate court a written requisition on the assignee or trustee for the benefit of creditors to disallow any claims presented which he has not reported as disallowed, and enters into bond to said assignee or trustee in such amount and with such sureties as the court approves, conditioned to pay all the costs and expenses of contesting them by the order of the court, such claims shall be disallowed, although theretofore allowed by the assignee or trustee. The assignee or trustee must forthwith give written notice thereof to the creditors, or their attorneys, whose claims are so disallowed. Thereupon the same proceedings shall be had as required in other cases of disallowance under sections 1313.39 and 1313.40 of the Revised Code.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.42 | Affidavit to Be Filed With Claim.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Each person presenting and filing a claim against the estate of the debtor, before it is allowed or any payments made thereon, must make and file an affidavit setting forth that the claim is just and lawful, the consideration thereof, and what counterclaims exist thereto; what collateral or personal security the claimant holds for the claim, or that he has no security. The assignee or trustee for the benefit of creditors, or a creditor may examine the claimant under oath touching such collateral or other security, or any other matter relating to his claim, within such time and under such regulations as are prescribed by the probate judge. A surety of, or person jointly liable with, the assignor, may be allowed to present and prove the claim on which he is so bound; but the dividend thereon shall be payable to the party holding it. If the latter proves such claim, then the allowance and dividend on it must be as proved by him.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.43 | Preferred Claims.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Taxes of every description assessed against the assignor upon personal property held by him before his assignment for the benefit of creditors must be paid by the assignee or trustee out of the proceeds of the property assigned in preference to any other claims against the assignor.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.44 | Liens and Securities.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Persons who have performed labor in the service of the assignor within twelve months next preceding an assignment for the benefit of creditors, are entitled to receive out of the trust funds, before the paying of other creditors, the full amount of wages due for such labor not exceeding three hundred dollars. This section and section 1313.43 of the Revised Code do not prejudice or affect securities given, or liens obtained in good faith, for value, but judgments by confession on warrants of attorney rendered within two months prior to such assignment, or securities given within such time to create a preference among creditors, or to secure a pre-existing debt other than upon real property for the purchase money thereof, are of no force or validity as against such claims for labor, in case of assignment, to the extent provided in this section.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.45 | Reports and Settlements.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
An assignee or trustee for the benefit of creditors must file an account with the probate court at the expiration of eight months from his appointment and qualification, and as often thereafter as the court orders. Such account shall contain a full exhibit of all his doings as such, up to the time of filing, together with the amount of all claims remaining uncollected, and the amount thereof which in his opinion may thereafter be collected. Exceptions may be filed to the accounts by parties interested, in the manner provided in cases of accounts of administrators or executors. Such accounts shall be examined and the exceptions thereto heard by the court, in the manner provided for the settlement of the estates of deceased persons. Upon the filing of such accounts, the court shall fix a time for the hearing, and publish notice thereof as in the case of the filing of the account of an executor or administrator.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.46 | Notice of Filing Accounts.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
The probate judge shall cause notice of the filing of accounts by assignees or trustees for the benefit of creditors, and commissioners of insolvents, to be published in some newspaper of the county, specifying when such accounts will be heard, not less than three weeks after the publication of such notice, at which time it shall be competent, for cause, to allow further time to file exceptions to such accounts. The costs of such notice, if more than one account is specified in the same notice, must be paid in equal proportions by the assignees, trustees, or commissioners respectively.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.47 | Examination of Accounts.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
The probate judge may examine under oath, all assignees or trustees for the benefit of creditors and commissioners of insolvents, touching their accounts. Such judge may reduce such examination to writing, and require such assignee, trustee, or commissioner to sign it. Such examination must be filed with the papers in the case.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.48 | Dividends.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When, on settlement, a balance is shown in the hands of the assignee or trustee for the benefit of creditors, subject to distribution among the general creditors, a dividend shall be declared by the probate judge, payable therefrom equally among all the creditors entitled, in proportion to the amount of their respective claims against the assignor, including those disallowed, which the claimant has begun suit to establish as required in section 1313.39 of the Revised Code, and claims held under advisement. Notice of the making of such dividend, and the time and place of its payment, shall be given by advertisement once, in a newspaper published and of general circulation in the county in which such trust is administered, and in such other way as the court orders. A report must be made within sixty days after the date fixed of the dividends paid and of those uncalled for and unpaid at that time. The court then shall cause a new notice to be given to the owners of unpaid dividends, in such way as it directs. If not demanded within twelve months thereafter, such dividends must be divided pro rata among the other creditors, until they are paid in full, and any remainder paid to the assignor or his legal representatives.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.49 | Dividends Reserved.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Dividends provided for in section 1313.48 of the Revised Code reserved for claims disallowed, or held under advisement, when actions to enforce their allowance have been commenced, shall be held until the actions terminate, when they shall be paid on claims the allowance of which has been ordered. Otherwise, such dividends must be distributed pro rata among other creditors not paid in full, or refunded to the assignor.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.50 | Commissions of Assignees.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Before a dividend provided for in section 1313.48 of the Revised Code is declared, the assignee or trustee for the benefit of creditors may be allowed the following commission upon the amount of the personal estate collected and accounted for by him, and of the proceeds of the real property sold under an order of court for the payment of debts, which must be received in full compensation of all his ordinary services:
(A) For the first thousand dollars, at the rate of six per cent;
(B) For all above one thousand dollars and not exceeding five thousand dollars, at the rate of four per cent;
(C) For all above five thousand dollars, at the rate of two per cent.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.51 | Further Allowances - Counsel Fees.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Such allowance shall be made as the probate court considers just for necessary expense, extraordinary expenses, extraordinary services not required of an assignee for the benefit of creditors in the common course of his duty, and such reasonable counsel fees as were necessary for the proper administration of the assignment, whether performed by the assignee or trustee as attorney, or such other as he employs. No such further allowance, extraordinary expenses or services, or attorney fees, shall be made unless a bill of items is filed, showing such actual and necessary or extraordinary expenses and services, or attorney fees, together with the affidavit of the person incurring such expenses or performing such services, that they were done for, and were necessary to, the assignment; that the amount charged therefor is reasonable, and not more than is usually paid for such services. When such services have been performed by persons other than the assignee or trustee, the latter also must file an affidavit, stating that such services were necessary for the proper administration of the assignment, that they were performed under his direction, that the charges therefor are fair and reasonable, and that the full amount thereof has been paid to the party performing such services.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.52 | Fees of Probate Judge.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
The probate judge shall be entitled to the following fees for service performed under sections 1313.01 to 1313.59, inclusive, of the Revised Code:
(A) For hearing and deciding each application, two dollars;
(B) For appointing or removing an assignee or trustee, one dollar;
(C) For filing assignment, inventory, and schedule, each, ten cents;
(D) For filing other papers, each five cents;
(E) For other services, the same compensation as for like services, in the settlement of the estate of deceased persons.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.56 | Appointment of Receiver.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
A sale, conveyance, transfer, mortgage, or assignment, made in trust or otherwise by a debtor, and every judgment suffered by him against himself in contemplation of insolvency and with a design to prefer one or more creditors to the exclusion in whole or in part of others, and a sale, conveyance, transfer, mortgage, or assignment made, or judgment procured by him to be rendered, in any manner, with intent to hinder, delay, or defraud creditors, is void as to creditors of such debtor at the suit of any creditor. In a suit brought by a creditor of such debtor for the purpose of declaring such sale void, a receiver may be appointed who shall take charge of all the assets of such debtor, including the property so sold, conveyed, transferred, mortgaged, or assigned, and also administer all the assets of the debtor for the equal benefit of the creditors of the debtor in proportion to the amount of their respective demands, including those which are unmatured.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.57 | Knowledge of Fraudulent Intent Material - Mortgage in Good Faith.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Section 1313.56 of the Revised Code does not apply unless the person to whom such sale, conveyance, transfer, mortgage, or assignment is made, knew of such fraudulent intent on the part of such debtor. Said section does not vitiate or affect any mortgage made in good faith to secure any debt or liability created simultaneously with such mortgage, if such mortgage is filed for record in the county wherein the property is situated, or as otherwise provided by law, within three days after its execution, and when, upon foreclosure or taking possession of such property, the mortgagee fully accounts for the proceeds thereof.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.58 | Creditor or Assignee to Bring Suit.

Effective:
August 15, 1996
Latest Legislation:
Senate Bill 155 - 121st General Assembly
Any creditor as to whom any of the acts or things prohibited in sections 1313.56 and 1313.57 of the Revised Code are void, whether the claim of such creditor has matured or will thereafter mature, may commence an action in a court of competent jurisdiction to have such acts or things declared void. Such court shall appoint a trustee or receiver under sections 1313.01 to 1313.59 of the Revised Code, who, upon being duly qualified, must proceed by due course of law to recover possession of all property sold, conveyed, transferred, mortgaged, or assigned, and to administer it for the equal benefit of all creditors, as in other cases of assignments to trustees for the benefit of creditors. An assignee as to whom anything mentioned in sections 1313.56 and 1313.57 of the Revised Code is void, likewise must commence a suit in a court of competent jurisdiction to recover possession of all property sold, conveyed, transferred, mortgaged, or assigned, and if recovered, shall administer it for the equal benefit of all creditors as in other cases of assignments to trustees for the benefit of creditors.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1313 | Voluntary Assignments › Section 1313.59 | Creditor May Bring Suit.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
If the assignee fails or declines, upon notice by any creditor, to institute suit as provided in section 1313.58 of the Revised Code, such creditor may himself commence it within five days after serving notice upon the assignee to commence suit, and the procedure and administration shall be the same as is provided for in sections 1313.01 to 1313.58, inclusive, of the Revised Code for suits begun by a creditor.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1315 | Transmitters of Money; Check-Cashing Businesses › Section 1315.01 | Transmitters of Money Definitions.

Effective:
April 6, 2007
Latest Legislation:
House Bill 454 - 126th General Assembly
Except when the context otherwise requires, as used in sections 1315.01 to 1315.18 of the Revised Code:
(A) "Authorized delegate" means a person designated by a licensee under section 1315.11 of the Revised Code to receive, directly or indirectly, money or its equivalent for transmission by the licensee.
(B) "Control" means the power, directly or indirectly, to direct the management and policies of a licensee or the ownership, control of, or power to vote twenty-five per cent or more of any class of the outstanding voting securities of a controlling person. For purposes of determining the percentage of a licensee controlled by any person, the person's interest shall be aggregated with the interest of any other person controlled by the person or by any spouse, parent, or child of the person.
(C) "Controlling person" means any person that controls a licensee.
(D) "Executive officer" means the licensee's president, treasurer, secretary, each senior officer responsible for the licensee's business, and any other person that performs similar functions.
(E) "Licensee" means a person licensed under sections 1315.01 to 1315.18 of the Revised Code to receive, directly or indirectly, for transmission, money or its equivalent from persons located in this state.
(F) "Outstandings" means the total of all moneys received for transmission that are not yet delivered, paid, or accessed.
(G) "Transmit money" means to receive, directly or indirectly and by any means, money or its equivalent from a person and to deliver, pay, or make accessible, by any means, method, manner, or device, whether or not a payment instrument is used, the money received or its equivalent to the same or another person, at the same or another time, and at the same or another place, but does not include transactions in which the recipient of the money or its equivalent is the principal or authorized representative of the principal in a transaction for which the money or its equivalent is received, other than the transmission of money or its equivalent. "Transmit money" also includes the sale of checks and other payment instruments.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1315 | Transmitters of Money; Check-Cashing Businesses › Section 1315.05 | Continuing Duties of Licensees.

Effective:
April 6, 2007
Latest Legislation:
House Bill 454 - 126th General Assembly
Each licensee, at all times, shall meet both of the following requirements:
(A) Be a legally established business entity that is capitalized separately and distinctly from every other legal entity and qualified to do business in this state;
(B) Have a minimum net worth of not less than five hundred thousand dollars, calculated according to generally accepted accounting principles, but excluding any assets that the superintendent of financial institutions disqualifies and including any off-balance sheet liabilities that the superintendent requires.
(C) No licensee shall fail to comply with this section.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1315 | Transmitters of Money; Check-Cashing Businesses › Section 1315.06 | Minimum Amount of Permissible Investments.

Effective:
April 6, 2007
Latest Legislation:
House Bill 454 - 126th General Assembly
(A)(1)(a) Subject to division (A)(2) of this section, each licensee shall maintain permissible investments described in division (B) of this section having an aggregate market value of not less than the aggregate amount of all of the licensee's outstandings received from persons in the United States, directly and through authorized delegates, to the extent reported to the licensee.
(b) For purposes of division (A)(1)(a) of this section, a licensee's permissible investments, even if commingled with other assets of the licensee, and a licensee's other assets to the extent necessary to equal the licensee's outstandings, are, by operation of law, impressed with a trust and held for the benefit of persons the money of which the licensee holds for transmission, and these permissible investments are not available to satisfy any other of the licensee's creditors.
(2) The superintendent of financial institutions may waive the requirement described in division (A)(1)(a) of this section if the volume of a licensee's outstandings does not exceed the licensee's security device provided pursuant to section 1315.07 of the Revised Code.
(B) All of the following are permissible investments by a licensee:
(1) Cash;
(2) Certificates of deposit or other debt obligations of a depository institution, either domestic or foreign;
(3) Bills of exchange or time drafts drawn on and accepted by a commercial bank, otherwise known as bankers' acceptances, that are eligible for purchase by member banks of the federal reserve system;
(4) Any investment bearing a rating of one of the three highest grades as defined by a nationally recognized organization that rates securities;
(5) Investment securities that are obligations of the United States or its agencies or instrumentalities; obligations that are guaranteed fully as to principal and interest by the United States; or any obligations of any state, municipality, or political subdivision of a state;
(6) Shares in a money market mutual fund; interest-bearing bills, notes, bonds, debentures, or preferred stock traded on any national securities exchange or on a national over-the-counter market; or mutual funds primarily composed of such securities or a fund composed of one or more permissible investments described in division (B) of this section;
(7) Any demand borrowing agreement or agreements made to a corporation or a subsidiary of a corporation the capital stock of which is listed on a national exchange, provided that the total borrowing agreements with any one borrower do not exceed ten per cent of the licensee's outstandings;
(8) To the extent permitted by the superintendent, receivables that are due to a licensee from its authorized delegates and are not past due or doubtful of collection;
(9) Any other investments approved by the superintendent.
(C) No licensee shall fail to comply with this section.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1315 | Transmitters of Money; Check-Cashing Businesses › Section 1315.08 | Quarterly Reports - Annual Financial Statements.

Effective:
April 6, 2007
Latest Legislation:
House Bill 454 - 126th General Assembly
(A) Within forty-five days after the end of each calendar quarter, each licensee shall submit to the superintendent of financial institutions all of the following in the form prescribed by the superintendent:
(1) The licensee's unaudited, unconsolidated financial statements as of the end of the calendar quarter, including a balance sheet, income statement, statement of changes in shareholder's equity, and statement of cash flows;
(2) A statement for the calendar quarter of the number of money transmission transactions undertaken by the licensee in this state and in the United States in total, the dollar amount of those transactions, and the number and dollar amount of those transactions currently outstanding;
(3) A schedule of the licensee's permissible investments and their market values as of the end of the calendar quarter;
(4) A schedule of the locations, if any, within this state at which the licensee is conducting business directly or through its authorized delegates;
(5) Any other information that the superintendent requires.
(B) Annually, not more than one hundred twenty days after the end of its fiscal year, each licensee shall submit to the superintendent its audited unconsolidated financial statements for the fiscal year, including a balance sheet, income statement, statement of changes in shareholder equity, and statement of cash flows. If the licensee is a subsidiary of another company, the licensee also shall submit the audited consolidated financial statements of its parent company.
(C) No licensee shall fail to comply with this section.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1315 | Transmitters of Money; Check-Cashing Businesses › Section 1315.081 | Written Report of Specified Events.

Effective:
April 6, 2007
Latest Legislation:
House Bill 454 - 126th General Assembly
(A) Within fifteen business days after the occurrence of any of the events listed below, a licensee shall file a written report with the superintendent describing the event and its expected impact on the licensee's activities in the state:
(1) Any material changes in information provided in a licensee's application or any report submitted to the superintendent under sections 1315.01 to 1315.18 of the Revised Code;
(2) The licensee's filing for bankruptcy or reorganization;
(3) The institution of revocation or suspension proceedings against the licensee by any state or governmental authority with regard to the licensee's money transmission activities;
(4) Any felony indictment of the licensee, or any of its controlling persons, directors, officers, or employees, related to money transmission activities;
(5) Any felony conviction of the licensee, or any of its controlling persons, directors, officers, or employees, related to money transmission activities;
(6) Any proposed change of control of the licensee;
(7) The licensee's decision to voluntarily surrender or not to renew a money transmitter license it holds in another jurisdiction.
(B)(1) No person shall make a false statement, misrepresentation, or false certification to the division of financial institutions or in a record filed or required to be maintained under sections 1315.01 to 1315.18 of the Revised Code or make a false entry or omit a material entry in a record filed or required to be maintained under sections 1315.01 to 1315.18 of the Revised Code or made available to the division.
(2) No licensee shall fail to comply with this section.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1315 | Transmitters of Money; Check-Cashing Businesses › Section 1315.09 | Records Required to Be Kept.

Effective:
April 6, 2007
Latest Legislation:
House Bill 454 - 126th General Assembly
(A) Each licensee shall make, keep, and preserve with respect to the licensee the following books, accounts, and other records for a period of five years to be open to inspection by the superintendent of financial institutions:
(1) A record or records of each money transmission transaction;
(2) A general ledger containing all assets, liabilities, capital, income, and expense accounts, posted at least monthly;
(3) All bank statements and bank reconciliation records;
(4) A record of all outstandings;
(5) A record of all payments made;
(6) The names and addresses of all authorized delegates of the licensee;
(7) Any other records that the superintendent requires.
(B) For purposes of this section, a licensee may retain a document, paper, or other instrument or record by use of a process to record, copy, photograph, or store a representation of the original document, paper, or other instrument or record, if all of the following apply:
(1) The process correctly and accurately copies or reproduces, or provides a means for correctly and accurately copying or reproducing, the original document, paper, or other instrument or record with regard to both its substance and appearance, except that the copy or reproduction need not reflect the original paper or other medium, size, or color, unless the medium, size, or color is necessary to establish the authenticity of the original.
(2) The process does not permit the recording, copy, photographic image, or stored representation of the original document, paper, or other instrument or record to be altered or manipulated.
(3) The medium the process uses to record, copy, photograph, or store a representation of an original document, paper, or other instrument or record is a durable medium for retaining and reproducing records.
(C) A licensee may maintain its records described in division (A) of this section at a location other than within this state, so long as the licensee makes its records accessible to the superintendent on seven business days written notice.
(D) No licensee shall fail to comply with this section.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1315 | Transmitters of Money; Check-Cashing Businesses › Section 1315.101 | Approval of Application for Control Acquisition.

Effective:
October 9, 2021
Latest Legislation:
House Bill 263 - 133rd General Assembly
(A) After accepting an application to acquire control of a licensee described in section 1315.10 of the Revised Code, the superintendent of financial institutions shall examine all of the facts and circumstances relating to the application.
(B) The superintendent shall approve the application described in division (A) of this section if the superintendent determines both of the following:
(1) The competence and experience of the applicant or applicants seeking to acquire control of a licensee and the applicant's or applicants' general fitness to operate the licensee or person in control of the licensee in a lawful and proper manner are acceptable.
(2) The interests of the public are not jeopardized by the change of control.
Last updated October 9, 2021 at 5:19 AM
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1315 | Transmitters of Money; Check-Cashing Businesses › Section 1315.11 | Conduct of Activities Through Authorized Delegate.

Effective:
April 6, 2007
Latest Legislation:
House Bill 454 - 126th General Assembly
(A) A licensee that chooses to conduct money transmission activities in this state through an authorized delegate shall execute an express written contract with the authorized delegate that, at a minimum, sets forth all of the following:
(1) The duties and responsibilities of the authorized delegate regarding money or its equivalent received from persons located in this state for transmission by the licensee;
(2) The duties and responsibilities of the authorized delegate regarding instruments, devices, or processes used by the licensee to transmit money;
(3) The duties and responsibilities of the authorized delegate with regard to compliance with laws regulating money transmission activities.
(B) A licensee shall monitor the activities of its authorized delegate with regard to money or its equivalent received from persons in this state for transmission by the licensee and for compliance with all of the following:
(1) The written contract between the licensee and the authorized delegate;
(2) Sections 1315.01 to 1315.18 of the Revised Code;
(3) Other laws applicable to the business of transmitting money.
(C) As part of the examination of a licensee authorized by section 1315.12 of the Revised Code, the superintendent of financial institutions may examine the books and records and policies and procedures of the licensee's authorized delegate.
(D)(1) An authorized delegate or other person that receives money or its equivalent for transmission by a licensee shall keep it separate and shall not commingle it with other money or receipts. All money or its equivalent, less fees, that is received by an authorized delegate or by any other person for transmission by a licensee, from the time received until remitted to the licensee, shall constitute funds owned by and belonging to the licensee and shall be impressed with a trust for the benefit of the person from which the money or its equivalent is received.
(2) If an authorized delegate or other person fails to comply with division (D)(1) of this section and commingles any money or its equivalent received for transmission by a licensee with any other funds or property owned or controlled by the authorized delegate or other person, all commingled proceeds and other property shall be impressed with a trust in favor of the licensee in an amount equal to the amount due the licensee.
(E) No licensee shall fail to comply with division (A) or (B) of this section, and no authorized delegate or other person that receives money or its equivalent for transmission by a licensee shall fail to comply with division (D) of this section.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1315 | Transmitters of Money; Check-Cashing Businesses › Section 1315.12 | Examination of Records and Affairs of Licensee.

Effective:
April 6, 2007
Latest Legislation:
House Bill 454 - 126th General Assembly
(A) As often as the superintendent of financial institutions considers necessary, the superintendent, or any deputy or examiner appointed or any contractor engaged by the superintendent for that purpose, thoroughly shall examine the records and affairs of each licensee. The examination shall include a review of all of the following:
(1) Compliance with law;
(2) Safety and soundness;
(3) Other matters that the superintendent determines.
(B) The superintendent may conduct all aspects of an examination described in division (A) of this section concurrently or may divide the examination into constituent parts and conduct them at various times.
(C)(1) The licensee shall bear the expense of the examination. If the superintendent requests, the licensee shall advance to the superintendent the superintendent's estimate of the cost of the examination, with any unconsumed portion to be returned to the licensee.
(2) A licensee shall pay the cost of its examination conducted pursuant to this section, or any balance of the cost of its examination in the case of a licensee that advanced the estimated cost of its examination, within fourteen days of receiving an invoice for payment.
(D) The superintendent shall preserve the report of each examination conducted pursuant to this section, including related correspondence received and copies of related correspondence sent, for twenty years after the examination date.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1315 | Transmitters of Money; Check-Cashing Businesses › Section 1315.13 | Superintendent to Establish Fees.

Effective:
April 6, 2007
Latest Legislation:
House Bill 454 - 126th General Assembly
Annually, the superintendent shall establish both of the following:
(A) The application fee for an application for a license to transmit money under section 1315.03 of the Revised Code;
(B) An annual fee described in division (E) of section 1315.04 of the Revised Code for each licensee to carry on the business of a money transmitter. When establishing the annual fee for each licensee, the superintendent may consider the number of offices and authorized delegates the licensee has and the volume of business the licensee does in this state.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1315 | Transmitters of Money; Check-Cashing Businesses › Section 1315.14 | Implementing Rules.

Effective:
April 6, 2007
Latest Legislation:
House Bill 454 - 126th General Assembly
The superintendent of financial institutions may adopt rules that, in the superintendent's judgment, are necessary or appropriate to carry out the purposes of sections 1315.01 to 1315.18 of the Revised Code.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1315 | Transmitters of Money; Check-Cashing Businesses › Section 1315.141 | Criminal Records Check to Be Requested by Superintendent.

Effective:
January 1, 2013
Latest Legislation:
House Bill 487 - 129th General Assembly
Whenever the approval of the superintendent of financial institutions is required under sections 1315.01 to 1315.18 of the Revised Code, or under an order or supervisory action issued or taken under those sections, for a person to serve as an organizer, incorporator, director, executive officer, or controlling person of a licensee, or to otherwise have a substantial interest in or participate in the management of a licensee, the superintendent shall request the superintendent of the bureau of criminal identification and investigation, or a vendor approved by the bureau, to conduct a criminal records check based on the person's fingerprints in accordance with section 109.572 of the Revised Code. The superintendent of financial institutions shall request that criminal record information from the federal bureau of investigation be obtained as part of the criminal records check. Any fee required under division (C)(3) of section 109.572 of the Revised Code shall be paid by the person who is the subject of the request.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1315 | Transmitters of Money; Check-Cashing Businesses › Section 1315.153 | Injunctive Relief for Violation of Rc 1315.02.

Effective:
April 6, 2007
Latest Legislation:
House Bill 454 - 126th General Assembly
If the superintendent of financial institutions has reason to believe that a person has violated or is violating section 1315.02 of the Revised Code, the superintendent may petition the court of common pleas of the county where the person's principal place of business or residence is located or, if the person's principal place of business or residence is not in this state, the court of common pleas of Franklin county for the issuance of a temporary restraining order or an injunction.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1315 | Transmitters of Money; Check-Cashing Businesses › Section 1315.16 | Enforcement Powers of Superintendent.

Effective:
April 6, 2007
Latest Legislation:
House Bill 454 - 126th General Assembly
(A) The superintendent of financial institutions may do both of the following:
(1) Summon and compel, by order or subpoena, witnesses to appear before the superintendent, deputy superintendent, examiner, or attorney examiner, and testify under oath regarding the affairs of a licensee or other person;
(2) Compel, by order or subpoena, the production of any record, book, paper, document, item, or other thing pertaining to a licensee or other person.
(B) The superintendent shall serve an order or subpoena issued pursuant to division (A) of this section in any manner provided by section 1315.161 of the Revised Code.
(C) If a person fails to comply with an order or subpoena of the superintendent or refuses to testify to any matter regarding which the person is lawfully interrogated before the superintendent, on application of the superintendent, the court of common pleas of the county in which the person resides or in which the principal place of business of the person is located, or a judge of the court, shall compel compliance by attachment proceedings as for contempt in the case of noncompliance with a subpoena issued from the court or refusal to testify in the court.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1315 | Transmitters of Money; Check-Cashing Businesses › Section 1315.161 | Service of Notice, Subpoena, or Order.

Effective:
April 6, 2007
Latest Legislation:
House Bill 454 - 126th General Assembly
(A) The superintendent of financial institutions may serve any notice that the superintendent is required or authorized to give and any subpoena or order that the superintendent is required or authorized to issue pursuant to sections 1315.01 to 1315.18 of the Revised Code, at the sole discretion of the superintendent, by any of the following means:
(1) In person by the superintendent or an employee or agent of the division of financial institutions;
(2) By regular mail;
(3) By registered or certified mail;
(4) By private carrier;
(5) By any other means permitted by the Rules of Civil Procedure for service of process;
(6) By any other manner the superintendent provides, by rule or otherwise, that is reasonably calculated to give notice, including by publication.
(B) A notice, subpoena, or order served by the superintendent in accordance with this section is effective upon delivery with respect to divisions (A)(1) and (4) of this section, upon placing in the regular mail with respect to divisions (A)(2) and (3) of this section, and upon publication or completion of the act reasonably calculated to give notice with respect to division (A)(6) of this section.
(C) Fees for service of a notice, subpoena, or order described in division (A) of this section shall be paid from amounts appropriated to the division of financial institutions for that purpose.