reglab/statecodes huggingface dataset:
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-3 - Second Mortgage Loan Act › Section 1301:8-3-17 - Policy or certificate of insurance; disclosure of credit life, credit accident and health, and unemployment insurance cancellation rights; Ohio insurance law

Current through all regulations passed and filed through July 1, 2024
(A) When, in connection with a loan, a
			 registrant furnishes or places insurance written on behalf of the borrower at
			 the borrower's expense, a policy or certificate of insurance properly executed
			 shall be furnished to the borrower within fifteen days of the closing date of
			 the loan. The policy or certificate shall state the name of the insurance
			 company, the nature of the insurance, the extent of the coverage, the amount of
			 the premium, and the effective and expiration dates of the policy.
(B) If a registrant furnishes or places
			 credit life insurance, credit accident and health insurance or unemployment
			 insurance on behalf of the borrower at the borrower's expense, the registrant
			 shall give written notice to the borrower at the time the loan is made. The
			 notice shall disclose the borrower's right to cancel the insurance within
			 twenty-five days of the purchase of the insurance with a full refund of the
			 premium or identifiable charge for the insurance. The notice shall further
			 disclose that the cancellation may be effected upon the written request of the
			 borrower together with the return of the policy or certificate of insurance to
			 the registrant.
(C) All insurance
			 sold or obtained in connection with the making of a loan shall be governed by
			 Title 39 of the Revised Code.
(D)
			 In any transaction in which the registrant furnishes or places insurance on
			 behalf of the borrower at the borrower's expense, the registrant shall, prior
			 to furnishing or placing insurance, provide written disclosure to the borrower
			 of the business relationship, beneficial ownership or affiliation, whether
			 direct or indirect, between the registrant and the insurer.
Five Year Review (FYR) Dates:
				02/10/2015 and
				08/09/2016
Promulgated
				Under: 119.03
Statutory Authority: 1321.54(A)
Rule
				Amplifies: 1321.57
Prior Effective Dates: 7/1/2008, 4/1/1990,
				2/1/1986
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-4 - Finance Companies › Section 1301:8-4-01 - Definitions and general provisions

Current through all regulations passed and filed through July 1, 2024
(A) "Finance charge" as used in sections
			 1321.71 to
			 1321.84 of the Revised Code and
			 Chapter 1301:8-4 of the Administrative Code means the finance charge rate
			 authorized in such sections, and shall not have the meaning set forth for that
			 term in the bureau of consumer financial
			 protection
			 regulation Z on truth in lending, 12 C.F.R. 1026.4 as
			 in effect on
								April 1, 2014. The acquisition charge permitted
			 in division (C) of section
			 1321.79 of the Revised Code is a
			 finance charge. Where the acquisition charge is nonrefundable it shall be
			 treated as a finance charge for purposes of division (D) of section
			 1321.79 of the Revised
			 Code.
(B) For purposes of sections
			 1321.71 to
			 1321.84 of the Revised Code and
			 Chapter 1301:8-4 of the Administrative Code, "date of cancellation" shall mean
			 the date specified in the notice of cancellation mailed by the licensee to the
			 insurer. The licensee may assess a cancellation charge on or after the date of
			 cancellation. In the event of the reinstatement of a canceled insurance policy,
			 the licensee may assess a cancellation charge on each additional occasion that
			 it mails a notice to the insurer.
(C)
(1) As
			 used in sections 1321.73 and
			 1321.74 of the Revised Code and
			 Chapter 1301:8-4 of the Administrative Code, "net worth" shall mean the
			 difference between total assets and total indebtedness, as determined by
			 generally accepted accounting principles.
(2) The division may by written notice
			 require an audited financial statement by an independent certified public
			 accountant, the cost of which shall be paid by the licensee or
			 applicant.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-4 - Finance Companies › Section 1301:8-4-02 - Licensing

Current through all regulations passed and filed through July 1, 2024
(A) No licensee
			 shall transact or solicit business under sections
			 1321.71 to
			 1321.84 of the Revised Code
			 under any other name than that set forth on its license.
(B) At least
			 fifteen
			 days prior to the effective date of an address change, each licensee shall
			 notify the division of financial institutions of a change in the address shown
			 on its license by filing a relocation application on a form approved by the
			 division. A new license must be obtained prior to conducting business at the
			 new location. If the licensee is relocating its place of business to a location
			 outside the municipal corporation in which it is currently located, the
			 licensee must also file a license application fee.
(C) If a
			 completed renewal application together with the
			 proper fee is not received by the division by the thirtieth day of June, the license
			 shall expire and shall not be considered renewed, and the applicant shall cease
			 activity as an insurance premium finance lender. Provided, however, that
			 nothing herein shall impair the ability of a person to collect on accounts
			 lawfully entered into prior to the expiration of its license.
(D)
								 If an
			 application for a new or renewal license is incomplete, and if the information
			 is not submitted to the division within thirty days after the the date of the
			 last letter of deficiency, the division may consider the application withdrawn.
			 If the application is withdrawn and the person later decides to re-apply, a new
			 application shall be required.
(E) In connection with division (C) of
			 section 1321.74 of the Revised Code, no
			 active licensee may establish or maintain a branch office for purposes of
			 making loans or accepting payments without first obtaining a license for that
			 location from the division.
(F) An application for approval of such a
			 branch office shall state the proposed location, the function to be performed
			 there and such other information which the division may require, and shall be
			 accompanied by a license fee and, if required by the division, an investigation
			 fee of two hundred dollars.
Effective: 2/13/2015
Five Year
				Review (FYR) Dates: 11/28/2014 and
				02/13/2020
Promulgated
				Under: 119.03
Statutory
				Authority: 1321.77
Rule
				Amplifies: 1321.74
Prior
				Effective Dates: 12/1/79, 7/10/95, 6/3/2004,
				08/01/2009
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-4 - Finance Companies › Section 1301:8-4-04 - Advertising

Current through all regulations passed and filed through July 1, 2024
(A) Any advertising
			 for business subject to sections
			 1321.71 to
			 1321.84 of the Revised Code
			 shall not be false, misleading, or deceptive.
(B) In connection with section
			 1321.76 of the Revised Code,
			 every licensee shall maintain either at each licensed office or in a central
			 location, approved by the division of financial institutions, a records file of
			 all advertising, including newspaper, magazine, direct mailing, facsimile
			 advertising and solicitations, roadside advertising, internet and scripts of
			 radio and television commercials, for a period of two years from the date last
			 disseminated. A record or other file shall be readily available for inspection
			 by the division of financial institutions during regular business hours.
			 Every licensee shall notify the division of financial institutions in writing
			 of the location of the record or file.
Effective: 2/13/2015
Five Year
				Review (FYR) Dates: 11/28/2014 and
				02/13/2020
Promulgated
				Under: 119.03
Statutory
				Authority: 1321.77
Rule
				Amplifies: 1321.76
Prior
				Effective Dates: 7/10/95, 6/3/04,
				08/01/09
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-5 - Pawnbrokers › Section 1301:8-5-01 - Definitions

Current through all regulations passed and filed through July 1, 2024
(A) As used in
			 Chapter 4727. of the Revised Code, "liquid assets" means assets that are
			 expected to be realized in cash, sold, or consumed during the next business
			 year including:
(1) Cash, including money in
			 any form, such as cash on deposit, cash awaiting deposit, and cash funds
			 available for use;
(2) Cash
			 equivalents, such as short-term investments that are readily convertible to
			 known amounts of cash, or are so near their maturities that they present
			 insignificant risk of changes in value because of changes in interest
			 rates;
(3) Receivables, including
			 accounts receivable, notes receivable, and receivables from officers and
			 employees;
(4) Inventories,
			 including merchandise held for sale by a licensee or merchandise acquired by an
			 applicant that is to be held for sale upon licensure;
(5) Prepaid expenses, including prepaid
			 insurance, interest, rents, taxes, advertising, and operating supplies. Prepaid
			 expenses, unlike other current assets, are not expected to be converted into
			 cash.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-5 - Pawnbrokers › Section 1301:8-5-02 - Advertising

Current through all regulations passed and filed through July 1, 2024
(A) The word
			 "advertisements" as used in section
			 4727.16 of the Revised Code
			 includes all printed, published, displayed, distributed, broadcast, or internet
			 advertising or promotion, including all websites and social media posts.
			 Advertisements does not include storefront signs, business cards, team jerseys,
			 or any de minimis promotional materials, such as pens, pencils, balloons, or
			 clothing.
(B) Every licensee shall
			 maintain in each licensed location or in a central location, approved by the
			 superintendent of financial institutions, a records file of all advertising,
			 including newspaper, magazine, direct mailing, facsimile advertising and
			 solicitations, roadside advertising, internet, and scripts of radio and
			 television commercials, for a period of two years from the date last
			 disseminated. A record or other file shall be readily available for inspection
			 by the division of financial institutions at all times. Every licensee shall
			 notify the division of financial institutions in writing of the location of the
			 record or file. All licensees shall, upon the request of the superintendent,
			 provide to the division of financial institutions any printed or electronic
			 advertising done regarding any business conducted under Chapter 4727. of the
			 Revised Code.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-5 - Pawnbrokers › Section 1301:8-5-04 - Obstruction of inspection; statement to pledgor; authorized fees

Current through all regulations passed and filed through July 1, 2024
(A) No licensee or
			 any other person shall inhibit, obstruct, or refuse to permit an inspection,
			 examination, or investigation conducted pursuant to Chapter 4727. of the
			 Revised Code during each location's posted business hours.
(B) The forfeiture warning notice fee, the
			 lost pawn statement fee, the storage fee, fees incurred by the
			 licensee  in order to
			 comply with the Brady Handgun Violence Protection Act of 1993, 107 Stat. 1536,
			 18 U.S.C.
			 922, shipping fees, interest, and principal
			 reduction payments shall be recorded separately upon the licensee's copy of the
			 pawn statement, form or computer software so as to be separately identifiable.
			 Licensees must be able to provide documentation satisfactory to the
			 superintendent of financial institutions supporting all third-party fees
			 incurred by the licensee and passed on to the consumer.
(C) No licensee shall charge, demand, or
			 receive fees other than those authorized by section
			 4727.06 of the Revised
			 Code.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-5 - Pawnbrokers › Section 1301:8-5-05 - Unlicensed pawnbrokers

Current through all regulations passed and filed through July 1, 2024
If a person makes a pawn loan in violation of section
				4727.02 of the Revised Code, the
				person has no right to collect, receive, or retain any interest or charges on
				the loan in violation of Chapter 4727. of the Revised Code, and the person has
				no right to possess the personal property pledged as security for the loan.
Five Year Review (FYR) Dates:
				08/11/2017 and
				08/11/2022
Promulgated
				Under: 119.03
Statutory
				Authority: 4727.13(A)
Rule Amplifies:
				4727.02,
				4727.13
Prior
				Effective Dates: 12/1/79, 11/10/82, 12/30/88,
				6/16/05,
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-5 - Pawnbrokers › Section 1301:8-5-06 - Purchases; list of property held for sale

Current through all regulations passed and filed through July 1, 2024
(A) No owner, officer, member, partner,
			 stockholder, agent, or employee of a licensee may purchase
			 personal property in such a way as
								to
								circumvent the
			 record-keeping requirements of Chapter 4727. of the Revised Code.
(B) A licensee shall document the acquisition
			 of all property held for sale on the licensed premises through a pawn ticket,
			 purchase ticket, sales receipt, bill of sale, consignment agreement, or barter
			 agreement. Consignment or barter agreements shall include the information
			 listed in division (B) of section
			 4727.08 of the Revised
			 Code.
(C) All completed pawn
			 ticket, purchase tickets, sales receipt, bill of sale, consignment agreement,
			 or barter agreements shall be signed by the pledgor and retained in accordance
			 with section 4727.08 of the Revised
			 Code.
(D)
								The name of the person
			 redeeming the pawn, along with the date and time that the pawn was
			 redeemed shall be retained in
			 accordance with section
			 4727.08 of the Revised
			 Code.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-5 - Pawnbrokers › Section 1301:8-5-07 - Payments on a pawn loan

Current through all regulations passed and filed through July 1, 2024
(A) A
			 licensee shall not accept an interest or storage payment for any month other
			 than the current month, except when the pledgor redeems the pledged property.
			 Prepayment of interest and storage charges may not occur at the time the loan
			 is originated. The pawnbroker may, however, assess a full month's interest and
			 storage charge for any fraction of a month that exists at the time the loan is
			 redeemed.
(B) A pawn loan shall not
			 be refinanced. A licensee shall not redeem a pawn loan on behalf of a pledgor.
			 A licensee shall not require or accept a pro-rata payment on any interest or
			 any other charges.
(C) A licensee
			 shall not establish a new pawn date for a pawn loan when any payment on the
			 loan is made but no redemption occurs.
(D)
								 For purposes of
			 calculating thirty day notice period pursuant to division (A) of section
			 4727.11 of the Revised
			 Code, the day of the mailing shall not be counted. If the thirtieth day
			 falls on a day that the licensee is not open for business, the thirtieth day
			 shall be deemed to be the first subsequent full day that the licensee is open
			 for business.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-5 - Pawnbrokers › Section 1301:8-5-08 - Continuing education

Current through all regulations passed and filed through July 1, 2024
(A)
			 Application for course approvals.
(1) Any
			 person seeking to offer live classroom or online continuing education courses
			 to licensees and designated employees shall request approval from the
			 superintendent. In order for a course to be considered for approval the
			 following information and documentation shall be submitted to the
			 superintendent in writing at least fifteen days prior to the initial date of
			 the proposed course.
(a) The name, address and
			 telephone number of the person proposing to offer the course, and the names and
			 duties of all persons affiliated in an official capacity with the
			 course;
(b) The names and addresses
			 of the owners of the entity or association if the applicant is an entity or
			 association;
(c) The policy
			 regarding attendance and procedure for record keeping of attendance;
(d) A summary of the course, including:
(i) A description of the type of training
			 (e.g. seminar, conference, course, other);
(ii) The time, date, and location of the
			 course. If the course will be offered more than once, the time, date, and
			 location for each course shall be provided;
(iii) The proposed initial date of the
			 continuing education course;
(iv)
			 Any prerequisite for admission to or participation in the course;
(v) The duration of the course;
(vi) The form of attendance
			 certificate;
(vii) Methods of
			 record maintenance;
(viii)
			 Textbooks and student materials prescribed;
(ix) An outline or syllabus;
(x) Attendance or participation
			 fees;
(xi) A sample of any intended
			 advertising;
(xii) The number of
			 credit hours offered to course participants. Each course shall be a minimum of
			 one credit hour. A credit hour must provide for no less than fifty minutes of
			 instruction. One credit hour consists of fifty minutes of a sixty-minute hour.
			 Breaks, introductions, lunches, announcements, and other non-instruction time
			 are to be excluded in calculating the credit hours requested.
(xiii) The title of the continuing education
			 course.
(e) The names
			 and qualifications of the course instructors; and
(f) Any other information required by the
			 superintendent to determine whether the proposed continuing education course
			 will maintain or increase a licensee's or designated employee's skill,
			 knowledge, or competency in the pawnbroker business.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-6 - Precious Metal Dealers › Section 1301:8-6-01 - Definitions

Current through all regulations passed and filed through July 1, 2024
As used in this chapter:
(A) "Division" means the division of
			 financial institutions.
(B)
			 "Licensee" means any person licensed under Chapter 4728. of the Revised Code.
(C) "Permit holder" means any
			 licensee who has been issued a temporary exhibition permit by the
			 superintendent under division (C) of section
			 4728.04 of the Revised Code.
Five Year Review (FYR) Dates:
				02/10/2015 and
				02/09/2017
Promulgated
				Under: 119.03
Statutory Authority: 4728.10
Rule
				Amplifies: 4728.04, 4728.05, 4728.06, 4728.09, 4728.10
Prior
				Effective Dates: 12/30/1988, 2/2/2007
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-6 - Precious Metal Dealers › Section 1301:8-6-02 - Licenses

Current through all regulations passed and filed through July 1, 2024
(A) Different names
			 and locations: No licensee shall transact or solicit business under any other
			 name than that contained in his license or at any location other than the
			 address stated in the license.
(B)
			 Licenses nontransferable: Licenses issued under Chapter 4728. of the Revised
			 Code are not transferable or assignable.
(C) Change of address: No licensee may move
			 his business location without prior notification to the superintendent. If the
			 new location is outside the municipal corporation or county in which he was
			 originally licensed, the licensee shall pay an additional license fee in
			 accordance with section
			 4728.03 of the Revised Code.
Five Year Review (FYR) Dates:
				02/10/2015 and
				02/09/2017
Promulgated
				Under: 119.03
Statutory Authority: 4728.10
Rule
				Amplifies: 4728.04
Prior Effective Dates:
				12/30/1988
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-6 - Precious Metal Dealers › Section 1301:8-6-03 - Books and records

Current through all regulations passed and filed through July 1, 2024
(A) Maintenance and use: Every licensee shall
			 keep and use an intelligible set of books and records in the English language
			 in complying with section
			 4728.06 of the Revised
			 Code with respect to recording the details of each purchase. All information
			 required to be recorded by section
			 4728.06 of the Revised
			 Code shall be entered in a bound book or on loose-leaf, permanent forms used
			 exclusively for that purpose. Forms shall be identical and consecutively
			 numbered, each of which shall be of two or more pages. One part of each form
			 shall be detachable and, when completed, shall serve as the statement to be
			 given by the licensee to the seller as provided by section
			 4728.06 of the Revised
			 Code. The remaining part of the form shall be retained in the licensee's
			 permanent records. All forms shall be accounted for. A
			 licensee may use other methods of recording data, keeping records, and keeping
			 books, such as electronic or computerized methods acceptable to the
			 superintendent, in lieu of the methods described in this division, provided
			 written printouts or hard copies of the required data are readily
			 available.
(B) Partially
			 completed purchase forms: No licensee shall require a seller to affix his or
			 her signature to a blank or partially filled out purchase form.
(C) Preservation of records: Every licensee
			 shall preserve his or her books, forms, accounts, and records for at least two
			 years after making the final entry regarding any purchase of property recorded
			 therein.
(D) All purchased items
			 shall be kept at the licensed location for seventy-two hours from the time of
			 purchase. All books, forms, records, etc., shall be kept at the licensed
			 location.
(E) Proper names and
			 address on forms: All purchase forms and receipt forms shall reflect the name
			 under which the licensee is registered with the division and the complete
			 address of his or her place of business.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-6 - Precious Metal Dealers › Section 1301:8-6-04 - Stolen property

Current through all regulations passed and filed through July 1, 2024
Every person licensed under Chapter 4728. of the Revised Code
				shall post a conspicuous notice in the main lobby of the licensee's place of
				business. Such notice shall be in printed letters no less than one-half inch in
				height, shall be visible to all patrons, and shall read: "The licensee at this
				establishment has no right to retain property stolen from the true owner and
				the owner may recover any such property or its value from the licensee in an
				action at law."
Five Year Review (FYR) Dates:
				02/10/2015 and
				02/09/2017
Promulgated
				Under: 119.03
Statutory Authority: 4728.10
Rule
				Amplifies: 4728.04, 4728.09
Prior Effective Dates:
				12/30/1988
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-6 - Precious Metal Dealers › Section 1301:8-6-05 - Posting business hours

Current through all regulations passed and filed through July 1, 2024
Every licensee shall post at the main door of his place of
				business the hours or time when his establishment is and will be open for
				business. A licensee shall notify the division of any change of his posted
				hours of operations. Except with respect to a closing due to an act of God,
				unforeseen emergencies, or other events beyond the control of the licensee, the
				failure of a licensee to keep posted hours shall be considered a violation of
				these rules.
Five Year Review (FYR) Dates:
				02/10/2015 and
				02/09/2017
Promulgated
				Under: 119.03
Statutory Authority: 4728.10
Rule
				Amplifies: 4728.04, 4728.06, 4728.10
Prior Effective Dates:
				12/30/1988
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-6 - Precious Metal Dealers › Section 1301:8-6-06 - Temporary permit

Current through all regulations passed and filed through July 1, 2024
(A) Application for permit: A licensee who
			 wishes to be issued a temporary exhibition permit under the provisions of
			 division (C) of section
			 4728.04 of the Revised Code
			 shall make a request for such issuance by letter addressed to the
			 superintendent. The letter of request shall contain the licensee's name,
			 permanent business address, and license number.
(B) Display of permit: Upon issuance of a
			 temporary exhibition permit, the permit holder shall conspicuously display his
			 permit at the place where he transacts business at any auction, convention,
			 exhibition, fair, or show for a period not exceeding seven days for any one
			 event.
(C) Notice of permit use:
			 Every permit holder who wishes to participate in an auction, convention,
			 exhibition, fair, or show, shall at least two weeks prior to its opening,
			 notify the superintendent or the head of the local police department with
			 jurisdiction at the location of the event. Such notification shall be by letter
			 and shall include the permit holder's name, permanent business address, and
			 permit number, and the place where the event is scheduled to be held.
Five Year Review (FYR) Dates:
				02/10/2015 and
				02/09/2017
Promulgated
				Under: 119.03
Statutory Authority: 4728.10
Rule
				Amplifies: 4728.04
Prior Effective Dates:
				12/30/1988
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-7 - Rules Relating to Mortgage Brokers › Section 1301:8-7-02 - Registration, letters of exemption, office requirements and restrictions

Current through all regulations passed and filed through July 1, 2024
(A)
								A registrant shall register every office where any of
			 the following activities occur or conditions exist:
(1)
									 Leads are
			 solicited or received, directly or indirectly, from residents of this state,
			 for property in this state, or from a location physically in this
			 state;
(2)
									Records pertaining to business conducted pursuant to
			 Chapter 1322. of the Revised Code are maintained in paper form;
(3)
									A registrant's
			 licensees originate residential mortgage loans for residents of this state,
			 property in this state, or from a location physically in this state regardless
			 of the location of the borrower or property.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-7 - Rules Relating to Mortgage Brokers › Section 1301:8-7-05 - Special account requirements

Current through all regulations passed and filed through July 1, 2024
(A)
								In accordance
			 with section 1322.08 of the Revised Code, a
			 registrant shall establish and maintain a non-interest-bearing, depository
			 special account. The special account shall be in the name of the registrant as
			 it appears on its certificate of registration.
(B)
								 The special
			 account shall be reconciled at least monthly.
(C)
								 A registrant
			 shall keep records of all deposits, withdrawals, and disbursements from the
			 special account. The records shall include the following:
(1)
									 Date funds
			 received;
(2)
									Party from whom funds are received and the purpose of
			 the funds;
(3)
									Amount received;
(4)
									 Date funds are
			 deposited in the special account;
(5)
									 Check number and
			 date funds are disbursed;
(6)
									 Party to whom funds are disbursed, purpose of
			 disbursement and borrower for whom the disbursement was made;
(7)
									Any other
			 documents necessary to verify and explain record entries and identify the
			 current balance in the special account.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-7 - Rules Relating to Mortgage Brokers › Section 1301:8-7-07 - Advertising

Current through all regulations passed and filed through July 1, 2024
(A)
								 Every advertisement placed, or caused to be placed, by
			 a registrant or licensee shall:
(1)
									 State the name of the registrant as printed on its
			 certificate of registration. If a registrant has been approved by the
			 superintendent to conduct business using a trade name or fictitious name, the
			 registrant may use its name, trade name, or fictitious name, or any combination
			 of them, as they appear on its certificate of registration;
(2)
									State the
			 registrant's certificate of registration number and NMLS unique
			 identifier;
(3)
									 State the full name or other names of the licensee as
			 listed on the NMLS consumer access website, the licensee's license number, and
			 NMLS unique identifier whenever a licensee's name is placed in an
			 advertisement; and
(4)
									 State the registrant's office address as listed on the
			 registrant's certificate of registration.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-7 - Rules Relating to Mortgage Brokers › Section 1301:8-7-12 - Operations manager

Current through all regulations passed and filed through July 1, 2024
(A)
								 A registrant
			 shall grant sufficient authority to its operations manager to carry out the
			 duty of ensuring that the daily operations and management of the registrant's
			 business complies with all state and federal laws, rules, and regulations
			 applicable to the transaction of mortgage broker business.
(B)
								 Only one
			 individual shall be designated as operations manager regardless of the number
			 of registered office locations or employees.
(C)
								 No individual
			 shall act as an operations manager without being approved by the
			 superintendent. An individual may be designated to act as an operations manager
			 subject to the superintendent's approval. The registrant shall submit a
			 completed "Application to change Mortgage Broker Operations Manager" form to
			 the superintendent within ten business days of the designation.
(D)
								 To qualify for
			 approval as an operations manager, the superintendent shall find that the
			 individual possesses at least three years of experience in the mortgage and
			 lending field that complies with paragraph (F) of this rule.
(E)
								 For purposes of
			 paragraph (D) of this rule and division (A)(4) of section 1322.03 of the
			 Revised Code, satisfactory proof of experience shall include a current resume
			 and may include, but is not limited to, the following:
(1)
									 Copies of IRS
			 form W-2s for the tax years covering the experience
			 requirement;
(2)
									 A completed and signed release and authorization which
			 enables the superintendent to verify the W-2s; and
(3)
									Other documents
			 or information required by the superintendent necessary to verify completion of
			 the experience requirement. The experience requirement may be verified by the
			 division directly with the employer and tax authorities.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-7 - Rules Relating to Mortgage Brokers › Section 1301:8-7-13 - Division examinations and investigations

Current through all regulations passed and filed through July 1, 2024
(A)
								The
			 superintendent or authorized division personnel may conduct an examination in
			 accordance with division (A) of section 1322.06 of the Revised Code or an
			 investigation in accordance with division (B) of section
			 1322.10 of the Revised Code
			 during normal business hours and as often as the superintendent determines
			 appropriate. Examinations and investigations may be scheduled or unscheduled,
			 announced or unannounced.
(B)
								 The superintendent or authorized division personnel
			 shall be given free access to all offices, places of business, computers,
			 books, papers, and records, whether electronic or hardcopy, in the possession,
			 control or ownership of any registrant, qualified exempt entity, and their
			 employees and licensees for the purpose of conducting an examination or
			 investigation in accordance with Chapter 1322. of the Revised Code and this
			 chapter.
(C)
								 To increase the effectiveness of examinations and
			 investigations and to ensure the purposes of Chapter 1322. of the Revised Code
			 are being carried out, a registrant, qualified exempt entity, or licensee shall
			 maintain office hours from nine a.m. to five p.m. on the second Thursday of the
			 following months: February, April, June, August, October, and December. Should
			 the superintendent or authorized division personnel appear at the office of a
			 registrant, qualified exempt entity, or licensee to conduct an examination or
			 investigation at any time between nine a.m. to five p.m. on any of these six
			 days and be denied access to any office, record or file for any reason, such
			 denial may be considered a violation of division (A) of section 1322.072 of the
			 Revised Code.
(D)
								 As part or in furtherance of any examination or
			 investigation conducted in accordance with Chapter 1322. of the Revised Code or
			 this rule chapter, if the superintendent or authorized division personnel
			 requests a written response, or the submission of books, papers, and records,
			 whether electronic or hardcopy, or any other information, the applicant,
			 registrant, qualified exempt entity, licensee, or person shall deliver a
			 written response and any requested information within the time period specified
			 in the request. If no time period is specified, the written response and any
			 required submissions shall be delivered to the superintendent not later than
			 thirty days after the date of such request.
(E)
								Written responses
			 submitted pursuant to paragraph (D) of this rule must address the issues raised
			 by the examination or investigation to the superintendent's satisfaction.
Replaces: 1301:8-7-13
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-7 - Rules Relating to Mortgage Brokers › Section 1301:8-7-14 - Surety bonds

Current through all regulations passed and filed through July 1, 2024
(A)
								 With respect to
			 a bond obtained by a registrant, or by a qualified exempt entity or loan
			 processing or underwriting company in the same manner as a registrant, the
			 following shall apply:
(1)
									The surety bond required by section
			 1322.05 of the Revised Code
			 shall be on a form acceptable to the superintendent.
(2)
									 The surety bond
			 must be issued in the name of the registrant, qualified exempt entity, or loan
			 processing or underwriting company and list the main office of the registrant,
			 qualified exempt entity, or loan processing or underwriting company. If a trade
			 or fictitious name is used, the trade or fictitious name shall be included on
			 the bond.
(3)
									One surety bond in the appropriate aggregate amount
			 shall be required to cover a registrant, qualified exempt entity, or loan
			 processing or underwriting company regardless of the number of registered or
			 exempted office locations. An endorsement rider may be used to increase or
			 decrease the amount of the bond whenever an office location is established or
			 closed.
(4)
									Whenever the penal sum of the surety bond is reduced
			 below the required amount, the registrant, qualified exempt entity, or loan
			 processing or underwriting company and licensees employed by or associated with
			 them shall immediately cease originating residential mortgage loans until the
			 bond has been restored to the full required value. Failure to restore the bond
			 to the full required value within thirty days of the first date the penal sum
			 of the bond was reduced is grounds for a fine, suspension, refusal to renew or
			 revocation of the registrant's certificate of registration or a qualified
			 exempt entity's or loan processing or underwriting company's approved letter of
			 exemption.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-7 - Rules Relating to Mortgage Brokers › Section 1301:8-7-15 - Disclosures

Current through all regulations passed and filed through July 1, 2024
(A)
								 The "Mortgage Loan Origination Disclosure Statement"
			 shall be on a form which conforms to the model form posted on the division of
			 financial institution's web site.
(B)
								As used in
			 division (A)(1)(f) of section
			 1322.062 of the Revised Code,
			 "the fee to be paid by the buyer to the registrant" means any and all
			 compensation the registrant receives from the buyer, but does not include any
			 fees collected by registrants from buyers on behalf of bona fide third party
			 service providers.
(C)
								 Timely disclosures.
(1)
									As used in
			 division (B) of section
			 1322.062 and division (B) of
			 section 1322.064 of the Revised Code,
			 the phrase "twenty-four hours after the change occurs" shall not include
			 Sundays and national holidays.
(2)
									In order to
			 document that disclosures required by division (B) of section
			 1322.062, division (A) of
			 section 1322.063, divisions (A)(1) and
			 (A)(2) of section 1322.064, and division (A) of
			 1322.075 of the Revised Code are made to the borrower in a timely manner, the
			 registrant or licensee shall do one of the following:
(a)
										 Obtain the
			 signature of the borrower on a dated statement in which the borrower
			 acknowledges the time and date that notification of the changes was
			 received;
(b)
										 Maintain a record by time-dated facsimile that the
			 disclosures were provided by fax to and received by the
			 borrower;
(c)
										 Maintain a record by time-dated computer e-mail that
			 the disclosures were provided by e-mail to and received by the borrower;
			 or
(d)
										 Maintain a record by time-dated overnight, express, or
			 certified mail that the disclosures were provided by such mail and received by
			 the borrower.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-7 - Rules Relating to Mortgage Brokers › Section 1301:8-7-16 - Prohibited practices

Current through all regulations passed and filed through July 1, 2024
As used in division (C) of section
				1322.07 of the Revised Code,
				conduct that constitutes improper, fraudulent, or dishonest dealings includes,
				but is not limited to:
(A)
								Failing to return all original documents provided to
			 the registrant or licensee by the borrower;
(B)
								 Permitting an
			 unlicensed individual to originate residential mortgage loans;
(C)
								Sharing or
			 splitting any commission, discount, fee or other compensation for originating a
			 residential mortgage loan with a person who is not licensed or registered under
			 Chapter 1322. of the Revised Code but who should be licensed or
			 registered;
(D)
								 Knowingly aiding, abetting, or conspiring with a
			 person to circumvent the requirements of Chapter 1322. of the Revised Code or
			 this rule chapter;
(E)
								 Recommending or encouraging default or delinquency or
			 continuation of an existing default or delinquency by a borrower on any
			 existing indebtedness prior to closing a residential mortgage loan which
			 refinances all or a portion of such existing indebtedness;
(F)
								Promising to
			 refinance a residential mortgage loan in the future at a lower interest rate or
			 with more favorable terms;
(G)
								Materially
			 underestimating closing costs;
(H)
								Depositing any
			 residential mortgage loan disbursement check that is not made payable to the
			 registrant, qualified exempt entity or licensee;
(I)
								Abandoning or
			 improperly disposing of loan files containing financial and mortgage
			 information of borrowers;
(J)
								 Refusing or failing to fund a consummated loan, other
			 than when an borrower rescinds the loan in accordance with
			 12 C.F.R.
			 1026.15 or
			 1026.23
			 (relating to the right of rescission), as in effect on January 12, 2014;
			 or
(K)
								 Any other conduct the superintendent determines
			 constitutes improper, fraudulent, or dishonest dealings;
Replaces: 1301:8-7-16
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-7 - Rules Relating to Mortgage Brokers › Section 1301:8-7-18 - Continuing education

Current through all regulations passed and filed through July 1, 2024
(A)
								 In accordance
			 with division (C)(2) of section 1322.052 of the Revised Code, a licensee or
			 applicant to become a licensee shall be permitted to receive credit for a
			 continuing education course in a year other than the year in which the course
			 is taken in order to make up a deficiency in continuing
			 education.
(B)
								 A licensee or applicant to become a licensee shall
			 make up any continuing education deficiency that occurred on or after January
			 1, 2010, regardless of the number of years that have passed since the
			 violation.
(C)
								 The superintendent shall comply with paragraph (D) of
			 rule
			 1301-1-04
			 of the Administrative Code which permits an extension of the current continuing
			 education reporting requirement for veterans meeting all of the criteria set
			 forth in that rule.
Replaces: 1301:8-7-18
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-7 - Rules Relating to Mortgage Brokers › Section 1301:8-7-19 - Notification requirements

Current through all regulations passed and filed through July 1, 2024
The notification requirements in this
				administrative rule shall be made via the NMLS unless otherwise indicated. If
				notice of a change is required to be made before its effective date, the
				registrant or qualified exempt entity shall submit an "advance change notice"
				via the NMLS.
(A)
								 A registrant or qualified exempt entity shall notify
			 the superintendent at least fifteen days before the sale, transfer, or
			 hypothecation of more than five per cent of the registrant's or qualified
			 exempt entity's membership, partnership, or other equitable, beneficial, or
			 ownership interest.
(B)
								 A registrant or qualified exempt entity shall notify
			 the superintendent at least fifteen days before changing any officers, control
			 persons, or five per cent or more direct owners. New officers, control persons
			 or five per cent or more direct owners that are individuals must be
			 fingerprinted for the compilation of a criminal history background report by
			 the federal bureau of investigation.
(C)
								A registrant or
			 qualified exempt entity shall notify the superintendent at least fifteen days
			 before changing its name, trade name, or fictitious name.
(D)
								A registrant or
			 qualified exempt entity shall notify the superintendent at least fifteen days
			 before changing the name or address of its statutory agent on file with the
			 Ohio secretary of state.
(E)
								 A registrant or qualified exempt entity shall notify
			 the superintendent of a change of any office location listed on any of its
			 certificates of registration or letters of exemption at least fifteen days
			 before such change, and shall submit all of the following to the superintendent
			 by uploading the documentation into its NMLS account or sending it directly to
			 the division via mail:
(1)
									 A copy of the lease or rental agreement for the new
			 location or proof that the registrant or qualified exempt entity owns the new
			 location;
(2)
									 An updated surety bond, rider or endorsement
			 reflecting the new address if its main office location has
			 changed;
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-7 - Rules Relating to Mortgage Brokers › Section 1301:8-7-20 - Compensation

Current through all regulations passed and filed through July 1, 2024
(A)
								 Compensation of any kind paid to a licensee employed
			 by or associated with a registrant or qualified exempt entity shall be paid by
			 check or electronic draft drawn on an account of the registrant or qualified
			 exempt entity. Registrants shall not pay compensation from the special account
			 maintained pursuant to section
			 1322.08 of the Revised Code.
			 Compensation to a licensee may be paid on an account of a third party payroll
			 administrator acting as the registrant's or qualified exempt entity's agent.
			 The check or electronic draft must be written to the licensee in the licensee's
			 legal name.
(B)
								 A registrant or qualified exempt entity may compensate
			 a licensee or former licensee in accordance with paragraph (A) of this rule
			 after the expiration, cancellation, surrender, or transfer of the individual's
			 license only for those origination activities performed while the individual
			 was sponsored by the registrant or qualified exempt entity via the NMLS,
			 provided the registrant or qualified exempt entity shall document to the
			 superintendent's satisfaction that such compensation was for origination
			 activities occurring during such sponsorship.
(C)
								A registrant or
			 qualified exempt entity shall not pay compensation of any kind to a loan
			 processor or to any individual in a manner designed to circumvent the licensing
			 requirement of division (B)(1) of section
			 1322.02 of the Revised
			 Code.
(D)
								Registrants, qualified exempt entities, and licensees
			 shall comply with the loan originator compensation regulations set forth in 12
			 C.F.R. part 1026, as in effect on January 12, 2014.
Replaces: 1301:8-7-20