Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-5 - Pawnbrokers › Section 1301:8-5-03 - Notifications and Duty to Correct

Current through all regulations passed and filed through July 1, 2024
(A) All notifications referenced in Chapter
			 4727. of the Revised Code shall be delivered to the superintendent of financial
			 institutions in writing. Notifications may be delivered by postal mail,
			 delivery service, or in person to "Division of Financial Insitutions, 77 South
			 High St., 21st Floor, Columbus, OH 43215," or via electronic mail to
			 "webdfi-cf@com.ohio.gov."
(B) The notification
			 referenced in division (H) of section
			 4727.03 of the Revised Code
			 concerning the surrender or non-renewal  shall state whether the licensee intends to dispose of active
			 loans or reduce the rate of interest on such loans. If the licensee intends to
			 dispose of the loans, the notice shall state the name and address of the
			 licensee to whom the loans will be sold, transferred or assigned. The notice
			 shall indicate whether the licensee intends to continue to operate another
			 business from the current pawnbroker location and the nature of that
			 business.
(C) If a licensee
			 intends to dispose of an active loan, the licensee shall notify the pledgor or
			 seller in writing of the name and address of the licensee to whom the loan will
			 be sold, transferred, or assigned. This notice must be delivered to the pledgor
			 or seller at least ten business days prior to the sale, transfer, or assignment
			 of the loan. Licensees must be able to provide documentation satisfactory to
			 the superintendent of financial institutions that this notice was provided to
			 the pledgor or seller.
(D) For each place of
			 business at which a licensee transacts pawnbroker business, a licensee shall
			 notify the division, at the time of an original application or renewal
			 application, of the name of the employee, as defined in paragraph (E) of rule
			 1301:8-5-08 of the
			 Administrative Code, who is designated to comply with the continuing education
			 requirements set forth in division (A) of section
			 4727.19 of the Revised Code. If
			 the licensee determines that the designated employee is unable to meet those
			 requirements, the licensee shall designate a new employee for that place of
			 business and shall, within thirty days of the licensee's determination that the
			 originally designated employee is unable to meet the continuing education
			 requirements, notify the division of financial institutions in writing of the
			 change. A designated employee shall be considered unable to meet the continuing
			 education requirements for any of the following reasons:
(1) The employee is no longer employed by the
			 licensee;
(2) The employee is
			 prevented from complying with this rule due to active duty in the armed forces
			 as defined in section
			 5903.01 of the Revised
			 Code;
(3) The employee is prevented
			 from complying due to serious illness or the serious illness of an immediate
			 family member; or
(4) The
			 superintendent approves the designation of a new employee for reasons not
			 listed in this rule, under the following circumstances:
(1) The request is submitted in writing by
			 the licensee within thirty days of the licensee's determination that
			 circumstances warrant the designation of a new employee to meet the education
			 requirements; and
(2) The request
			 demonstrates good cause for the change in the designated employee.