Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-7 - Rules Relating to Mortgage Brokers › Section 1301:8-7-01 - Definitions

Current through all regulations passed and filed through July 1, 2024
Unless otherwise specified, as used in
				Chapter 1322. of the Revised Code and in this chapter of the Administrative
				Code:
(A)
								"Advertisement" and "advertising" means any written or
			 oral statement, illustration, or depiction, whether in English or any other
			 language, that is designed to effect a sale or create interest in purchasing
			 goods or services, whether it appears on or in a label, package, package
			 insert, radio, television, cable television, brochure, newspaper, magazine,
			 pamphlet, leaflet, circular, mailer, book insert, free standing insert, letter,
			 catalogue, poster, chart, billboard, public transit card, point of purchase
			 display, film, slide, audio program transmitted over a telephone system,
			 telemarketing script, on-hold script, upsell script, training materials
			 provided to telemarketing firms, program-length commercial ("infomercial"), the
			 internet, cellular network, or any other medium. Promotional materials and
			 items and web pages are included in the term advertisement and
			 advertising.
(B)
								"At the time that the request for the mortgage is
			 refused or denied" means no later than five business days from the day that the
			 residential mortgage loan application has been refused or
			 denied.
(C)
								"Borrower" means an individual who is assisted by a
			 loan originator in applying for or obtaining a residential mortgage loan and
			 includes, but is not limited to, a buyer.
(D)
								"Credit union
			 service organization" means an entity that a credit union, chartered and
			 lawfully doing business under the laws of this state, another state, or the
			 United States, invests in or loans to and that primarily provides products or
			 services to credit unions or their members.
(E)
								"Financial and
			 mortgage information" means information about a borrower or potential borrower
			 that is customary or necessary to include in a residential mortgage loan
			 application.
(F)
								"For compensation or gain" means receives or expects to
			 receive payment of money or anything of value in connection with the activities
			 described in paragraph (I)(1) of this rule or as a result of any residential
			 mortgage loan terms entered into as a result of such
			 activities.
(G)
								"Leads" means financial and mortgage information about
			 potential residential mortgage loan borrowers, including, but not limited to,
			 information submitted by potential borrowers who fill out online
			 questionnaires, contests, or surveys.
(H)
								"Licensee," as
			 defined in division (D) of section
			 1322.01 of the Revised Code,
			 includes a temporary licensee, except that section 1322.041 of the Revised Code
			 shall not apply to a temporary licensee.
(I)
(1)
									"Loan originator," in accordance with section 1322.024
			 of the Revised Code, is expanded to mean an individual who for compensation or
			 gain, or in anticipation of compensation or gain, does any of the
			 following:
(a)
										Takes or offers to take a residential mortgage loan
			 application;
(b)
										Assists or offers to assist a borrower in obtaining or
			 applying to obtain a residential mortgage loan by, among other things, advising
			 on loan terms, including rates, fees, and other costs;
(c)
										Offers or
			 negotiates terms of a residential mortgage loan;
(d)
										Issues or offers
			 to issue a commitment for a residential mortgage loan to a
			 borrower;
(e)
										Performs the clerical or support duties of a loan
			 processor or underwriter as an independent contractor.