reglab/statecodes huggingface dataset:
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-7 - Rules Relating to Mortgage Brokers › Section 1301:8-7-21 - Character, general fitness, and financial responsibility

Current through all regulations passed and filed through July 1, 2024
(A)
								In determining whether a person has the character and
			 general fitness to command the confidence of the public and warrant the belief
			 that the business will be operated honestly and fairly in compliance with the
			 purposes of Chapter 1322. of the Revised Code and the rules adopted thereunder,
			 the superintendent may consider, among other things, whether the person or an
			 owner, officer or director thereof, has:
(1)
									 Been convicted
			 of, or pled guilty or nolo contendere in any court of competent jurisdiction to
			 any felony;
(2)
									Been convicted of, or pled guilty or nolo contendere in
			 any court of competent jurisdiction to any misdemeanor within seven years of
			 the date of application;
(3)
									Been found liable in any court of competent
			 jurisdiction for acts or omissions relating to residential or commercial
			 mortgage lending services, real estate services, or any other financial
			 products or services;
(4)
									Been refused or denied a professional registration or
			 license by any state or federal agency granted disciplinary or regulatory
			 authority by state or federal law;
(5)
									 Had a
			 professional license or registration suspended or revoked by any state or
			 federal agency granted disciplinary or regulatory authority by state or federal
			 law, including but not limited to, being placed on the HUD limited denials of
			 participation list pursuant to 2 C.F.R. part 2424, as in effect on January 12,
			 2014;
(6)
									Been issued a cease and desist order or had a fine
			 imposed by any court of competent jurisdiction or by any state or federal
			 agency granted disciplinary or regulatory authority by state or federal law for
			 conduct relating to a professional license or registration;
(7)
									Violated any
			 provision of Chapter 1321., 1322., 4712., 4727., or 4728. of the Revised Code
			 or sections 1315.21. to
			 1315.30,
			 1345.031, or
			 1349.25 to
			 1349.35 of the Revised Code or
			 any rules promulgated thereto;
(8)
									Engaged in any
			 conduct which would reflect negatively on the honesty or business repute of the
			 person, including, but not limited to, the failure to provide complete and
			 accurate information concerning the person's past; or
(9)
									A pattern of
			 disregard of the laws of this state, another state, or the United
			 States.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-7 - Rules Relating to Mortgage Brokers › Section 1301:8-7-22 - Trade names, fictitious names and change of names

Current through all regulations passed and filed through July 1, 2024
(A)
								A registrant or
			 qualified exempt entity may, with the prior approval of the superintendent, use
			 a trade name or fictitious name, provided:
(1)
									The trade name or
			 fictitious name complies with division (A)(1) of section
			 1101.15 of the Revised Code;
			 and
(2)
									 The trade name is registered with or the fictitious
			 name is reported to the Ohio secretary of state in accordance with Chapter
			 1329. of the Revised Code.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-7 - Rules Relating to Mortgage Brokers › Section 1301:8-7-23 - Mortgage broker appraisal misconduct

Current through all regulations passed and filed through July 1, 2024
(A)
								 A violation of
			 division (G) of section
			 1322.07 of the Revised Code may
			 include, but is not limited to, the following:
(1)
									In the case of
			 any refinance of a residential mortgage loan or non-purchase second residential
			 mortgage loan, a person states on the appraisal order form or communicates,
			 directly or indirectly, to any person licensed or certified under Chapter 4763.
			 of the Revised Code either the loan amount or any other express or implied
			 statement of the anticipated or desired appraisal value;
(2)
									In the case of
			 any purchase money residential mortgage loan including any second residential
			 mortgage loan connected to a sale transaction, a person states on the appraisal
			 order form or communicates, directly or indirectly, to any person licensed or
			 certified under Chapter 4763. of the Revised Code either the loan amount or any
			 other express or implied statement of the anticipated or desired appraisal
			 value. The foregoing sentence does not prohibit the sales price of the property
			 from being disclosed or providing a copy of the signed purchase contract to a
			 person licensed or certified under Chapter 4763. of the Revised
			 Code;
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-7 - Rules Relating to Mortgage Brokers › Section 1301:8-7-26 - Challenge to information maintained in the NMLS

Current through all regulations passed and filed through July 1, 2024
(A)
								For purposes of
			 division (H) of section 1322.061 of the Revised Code, an individual who has
			 applied for, holds, or held a loan originator license may challenge information
			 entered into the NMLS by the superintendent. Such challenge shall be in writing
			 and must set forth the specific information being challenged and include
			 supporting evidence. The grounds for a challenge shall be limited to the
			 accuracy of the information entered into the NMLS by the superintendent,
			 controlled by the superintendent, and pertaining to the individual's own
			 license record. An individual shall not challenge substantive allegations,
			 findings of fact or conclusions of law in prior orders issued by the
			 superintendent or other disciplinary actions. Challenges are limited to
			 clerical errors.
(B)
								 The superintendent shall review the information
			 submitted by the individual. If the superintendent determines that the
			 information entered into the NMLS is incorrect, the superintendent shall enter
			 the correct information and notify the individual in writing that the
			 information has been corrected. If the superintendent determines that the
			 information entered into the NMLS is correct, the superintendent shall notify
			 the individual in writing of the reasons for this determination and that the
			 information will not be changed.
(C)
								The determination
			 of the superintendent is final and not subject to further challenge pursuant to
			 this rule or appeal pursuant to Chapter 119. of the Revised
			 Code.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-7 - Rules Relating to Mortgage Brokers › Section 1301:8-7-27 - Expedited hearing upon automatic suspension

Current through all regulations passed and filed through July 1, 2024
An order of suspension issued pursuant
				to division (F) of section
				1322.10 of the Revised Code
				shall set a date, not more than thirty days later than the date of the order of
				suspension, for a hearing on the continuation or termination of such
				suspension. For good cause shown, the superintendent may continue such hearing
				on its own motion or the motion of the registrant or licensee.
Replaces: 1301:8-7-27
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-7 - Rules Relating to Mortgage Brokers › Section 1301:8-7-30 - Temporary loan originator license application

Current through all regulations passed and filed through July 1, 2024
(A) Pursuant to division (C) of section
			 1322.042 of the Revised Code, the application for a temporary loan originator
			 license shall be accompanied by a nonrefundable application fee of one hundred
			 fifty dollars and all other required fees, including any fees required by the
			 "Nationwide Mortgage Licensing System and Registry."
(B) A temporary loan originator license shall
			 be valid for ninety days from the date of issuance. The superintendent of
			 financial institutions may extend the expiration of the temporary license an
			 additional thirty days upon receiving a written request from the temporary loan
			 originator at least five business days prior to the expiration date on the
			 license.
(C) The term of a
			 temporary loan originator license begins on the issuance date and ends on the
			 expiration date as printed on the temporary license.
(D)
								For purposes of
			 evaluating an applicant's experience in the field of residential mortgage
			 lending, the superintendent shall consider the same proof and experience as set
			 forth in paragraphs (F) and (G) of rule
			 1301:8-7-12 of
			 the Administrative Code, except that the applicant must have at least two years
			 of experience in the field of residential mortgage lending in the five years
			 immediately preceding the date of application.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-7 - Rules Relating to Mortgage Brokers › Section 1301:8-7-31 - Nonprofit organizations exemption

Current through all regulations passed and filed through July 1, 2024
(A)
								In addition to
			 the criteria set forth in division (G)(2)(i) of section
			 1322.01 of the Revised Code, a
			 nonprofit organization is exempt from registration if it does all of the
			 following:
(1)
									
			 Promotes affordable housing or provides homeownership
			 education;
(2)
									 Conducts its activities in a manner that serves the
			 public or charitable purposes, rather than commercial purposes;
(3)
									Receives funding
			 and revenue and charges fees in a manner that does not incentivize it or its
			 employees to act other than in the best interests of its
			 clients;
(4)
									 Compensates its employees in a manner that does not
			 incentivize employees to act other than in the best interests of its clients;
			 and
(5)
									 Provides or identifies for the borrower residential
			 mortgage loans with terms favorable to the borrower and comparable to mortgage
			 loan and housing assistance provided under government housing assistance
			 programs.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-7 - Rules Relating to Mortgage Brokers › Section 1301:8-7-32 - Loan processors and underwriters

Current through all regulations passed and filed through July 1, 2024
(A)
								 In accordance
			 with
			 12 U.S.C.
			 5103(b)(2), as in effect on
			 January 12, 2014, an independent contractor shall not perform the clerical or
			 support duties as defined in
			 12
			 U.S.C. 5102(5)(B), as in
			 effect on January 12, 2014, of a loan processor or underwriter for residential
			 mortgage loans involving property in this state without first having obtained a
			 loan originator license issued pursuant to Chapter 1322. of the Revised
			 Code.
(B)
								 An individual who performs only clerical or support
			 duties as defined in
			 12
			 U.S.C. 5102(5)(B) is not
			 required to obtain a loan originator license if both of the following
			 apply:
(1)
									The
			 individual is an employee of a registrant, qualified exempt entity, depository
			 institution, or loan processing or underwriting company that holds a valid
			 letter of exemption issued pursuant to this rule;
(2)
									The individual
			 performs such clerical or support duties at the direction of and subject to the
			 supervision and instruction of a either a licensee employed by or associated
			 with the same registrant, qualified exempt entity, or loan processing or
			 underwriting company, or a registered loan originator employed by the same
			 depository institution.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-8 - Rules Relating to Check-Cashing Businesses › Section 1301:8-8-01 - Definitions

Current through all regulations passed and filed through July 1, 2024
As used in sections
				1315.21 to
				1315.30 of the Revised Code and
				this chapter:
(A)
								 "Advertise," "advertisement," and "advertising" means
			 any written or oral statement, illustration, or depiction designed to create
			 interest in purchasing check-cashing services.
(B)
								 "Cash" means
			 United States currency and does not include a check, draft, traveler's check,
			 money order, or other instrument for the transmission of money.
(C)
								 "Government
			 check" means a check issued by this state, a state agency of this state, a
			 political subdivision of this state, or the United States, including, but not
			 limited to, checks issued by the internal revenue service and the pension
			 benefit guaranty corporation.
(D)
								 "Political
			 subdivision" means a municipal corporation, township, county, school district,
			 or other body corporate and politic responsible for governmental activities in
			 a geographic area smaller than that of the state.
(E)
								 "State agency"
			 means every organized body, office, agency, institution, or other entity
			 established by the laws of this state for the exercise of any function of state
			 government, and includes, but not limited to, checks issued by the bureau of
			 workers' compensation, the industrial commission, any state-supported
			 institution of higher education, the public employees retirement system, the
			 Ohio police and fire pension fund, the state teachers retirement system, the
			 school employees retirement system, the state highway patrol retirement system,
			 and the courts.
(F)
								 "Three per cent of the face amount of the check" means
			 the aggregate total of any and all fees and other charges, including, but not
			 limited to, membership or financial institution processing fees. Fees paid by
			 customers to buy money orders shall not be counted towards the three percent
			 fee limit.
Replaces: 1301:8-8-01
Five Year Review (FYR) Dates:
				1/26/2022 and
				01/26/2027
Promulgated
				Under:
				119.03
Statutory Authority:
				1315.27
Rule
				Amplifies:
				1315.21,
				1315.24,
				1315.26
Prior Effective Dates: 01/22/1995, 12/22/2003, 05/01/2010,
				09/19/2016
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-8 - Rules Relating to Check-Cashing Businesses › Section 1301:8-8-02 - Licenses

Current through all regulations passed and filed through July 1, 2024
(A) In accordance
			 with sections 1315.21 to
			 1315.30 of the Revised Code each
			 check-cashing business shall obtain a license for its main office. An
			 application, license fee and investigation fee shall also be submitted to the
			 superintendent of financial institutions for
			 authorization for each additional business location where check-cashing
			 activity is to be conducted. Every subsequent application for additional
			 business locations shall be accompanied by an initial investigation fee and an
			 annual license fee.
(B)
								 Pursuant to division (B)(3) of section
			 1315.22 and division (B) of
			 section 1315.27 of the Revised Code, a
			 licensed check-cashing business or applicant to be a licensed check-cashing
			 business shall provide the superintendent with evidence of its registration as
			 a money services business with the financial crimes enforcement network
			 (FinCEN), of the U.S. department of the treasury as required by
			 31 C.F.R.
			 1022.380, as in effect on April 1, 2015. If
			 the licensed check-cashing business or applicant to be a licensed check-cashing
			 business claims to be exempt from registration, it shall provide a written
			 explanation of the basis of the exemption. Evidence of money services business
			 registration or exemption shall be provided to the superintendent on an annual
			 basis in conjunction with the renewal application.
(C) A
			 licensed check-cashing business shall notify the
			 superintendent, in writing, within ten business days if the net worth of the
			 check-cashing business becomes less than twenty-five thousand
			 dollars.
(D)
								A
			 licensed check-cashing business shall notify the
			 superintendent in writing at
			 least thirty days prior to relocating any of its licensed
			 locations. 
								A check-cashing business shall not cash checks at the new location
			 until it has received a check-cashing business license
			 for that location.
Five Year Review (FYR) Dates:
				1/26/2022 and
				01/26/2027
Promulgated
				Under:
				119.03
Statutory Authority:
				1315.27
Rule
				Amplifies:
				1315.22,
				1315.23
Prior Effective Dates: 01/22/1995, 11/13/1997, 05/01/2010,
				09/19/2016
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-8 - Rules Relating to Check-Cashing Businesses › Section 1301:8-8-03 - Recordkeeping

Current through all regulations passed and filed through July 1, 2024
(A)
								 A licensed check-cashing business shall maintain its
			 records for at least two years from the date of each check-cashing transaction.
			 The retention period for an advertisement commences from the date the
			 advertisement is published, broadcast, or disseminated.
(B)
								 Records shall be
			 maintained at the licensed location where the check-cashing transaction ocurred
			 or at another location approved in advance in writing by the superintendent.
			 Records shall be legible and maintained in a type size that is clearly readable
			 without magnification. The following records shall be maintained:
(1)
									 A daily cash
			 reconciliation that summarizes daily activity, reconciles cash-on-hand at the
			 opening of business to cash-on-hand at the close of business, and separately
			 reflects cash received from the sale of checks, cash disbursed in cashing
			 checks, redemption of returned items, bank cash deposits and bank cash
			 withdrawals.
(2)
									 A sortable electronic general ledger that contains
			 records of all assets, liabilities, capital, income and expenses. The general
			 ledger must be posted within thirty business days of the close of the month
			 from the original daily record of checks cashed, summary of business, or any
			 other records of original entry. The general ledger may consolidate activity at
			 two or more locations of a licensed check-cashing business provided that the
			 books of original entries are maintained separately for each
			 location.
(3)
									 A sortable electronic spreadsheet for each government
			 check cashed which contains the following fields of information:
(a)
										 The name of each
			 issuer;
(b)
										 The name and address of each payee;
(c)
										 The date of each
			 check;
(d)
										 The date each check is cashed;
(e)
										 The last five
			 digits of the preprinted number on each check;
(f)
										 The face amount
			 of each check;
(g)
										 The amount of cash actually given to the person
			 cashing the check;
(h)
										 The amounts of any and all fees charged or received
			 for cashing each check.
(4)
									 A file of all
			 advertisements.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-8 - Rules Relating to Check-Cashing Businesses › Section 1301:8-8-04 - Business practices

Current through all regulations passed and filed through July 1, 2024
(A)
								A licensed
			 check-cashing business shall not issue any money
			 order without concurrently receiving the face amount thereof in cash, or by
			 check, less any fees permitted by law for the issuance of the money
			 order.
(B)
								A
			 licensed check-cashing business shall pay the entire amount of a check,
			 in cash, or by money order or check if requested, to the customer tendering the
			 check to be cashed, less any charges permitted by law. All checks shall be paid
			 on the same date the check is presented. In no event shall
			 a licensed
			 check-cashing business make a partial payment of any check.
(C)
								A licensed
			 check-cashing business shall not directly or
			 through its agents:
(1) Cash any check, nor
			 act as intermediary, agent, or in any way assist in the negotiation of any
			 check, at any place other than the licensed business locations;
(2) Cash any check if the check-cashing
			 business or any of its agents have reason to believe or know that the maker,
			 the payee or any of the endorsers of such check, or the persons presenting it
			 for cashing, are known by any name other than that appearing on the checks,
			 without recording on its books and records the true name or names, as well as
			 the assumed name or names of such person or persons, together with the true
			 addresses. The use of common nicknames or names resulting from legal changes
			 made through the courts or by marriage shall not be deemed a violation of this
			 rule;
(3) Alter or change the date
			 of any check presented for cashing;
(4) Fail to deposit with a financial
			 institution a check presented by a customer for cash within two banking days
			 from the day the customer presented such check to the check-cashing
			 business;.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-8 - Rules Relating to Check-Cashing Businesses › Section 1301:8-8-06 - Advertising

Current through all regulations passed and filed through July 1, 2024
(A)
								 Every advertisement placed, or caused to be placed, by
			 a licensed check-cashing business shall:
(1)
									 State the name
			 of the licensed check-cashing business as printed on its license. If a licensed
			 check-cashing business has been approved by the superintendent to conduct
			 business using a trade name or fictitious name, it may use its name, trade
			 name, or fictitious name, or any combination of them, as they appear on its
			 license;
(2)
									 State its license number or the license number of its
			 main office location; and
(3)
									 State the address as listed on its license or the
			 address of its main office location.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-10 - Rules Relating to Credit Counseling Services › Section 1301:8-10-01 - Criteria for qualifying to provide counseling services

Current through all regulations passed and filed through July 1, 2024
(A)
								 Counseling services meeting the following criteria are
			 authorized by the superintendent of financial institutions to provide
			 prepurchase counseling to consumers as may be required by section
			 1349.27 of the Revised
			 Code:
(1)
									
			 Counseling services certified by the secretary of the United States department
			 of housing and urban development (HUD) pursuant to
			 12
			 U.S.C. 1701x(e), as in
			 effect on November 19, 2013, and that appear on the list maintained by HUD or
			 the bureau of consumer financial protection pursuant to
			 12 CFR
			 1024.20(a)(1), as in effect
			 on January 10, 2014; or
(2)
									 Any not-for-profit credit counseling service approved
			 by an agency of the federal government to perform housing or credit
			 counseling.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-11 - Rules Relating to Short-Term Loan Act › Section 1301:8-11-01 - Definitions and general provisions

Current through all regulations passed and filed through July 1, 2024
(A) "Net worth," as used in section
			 1321.37 of the Revised Code and
			 this chapter of the Administrative Code shall mean the difference between total
			 assets and total indebtedness, as determined by generally accepted accounting
			 principles.
								 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.
(B) "Senior officer," as used in sections
			 1321.37 and
			 1321.43 of the Revised Code
			 shall mean a person who holds an executive or management position within a
			 company or business that allows such person to control and direct the affairs
			 of the licensee or applicant either on his or her own authority or in
			 conjunction with others requiring his or her consent.
(C) "Theft," as used in section
			 1321.37 of the Revised Code and
			 this chapter of the Administrative Code, means those offenses set forth as a
			 theft offense in division (K) of section
			 2913.01 of the Revised Code
			 except for those offenses, other than theft, specifically enumerated in
			 division (B)(4) of section
			 1321.37 of the Revised Code.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-11 - Rules Relating to Short-Term Loan Act › Section 1301:8-11-03 - Advertising

Current through all regulations passed and filed through July 1, 2024
(A) Any advertising
			 for business subject to sections
			 1321.35 to
			 1321.48 of the Revised Code
			 shall not be false, misleading or deceptive.
(B) In connection with division (P) of
			 section 1321.41 of the Revised Code,
			 every licensee shall maintain in 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
			 disseminated. A record or other file shall be readily available for inspection
			 by the division of financial institutions at all times during normal business
			 hours. Every licensee shall upon the surrender or cancellation of its license
			 notify the division of financial institutions in writing of the location of the
			 record or file.
(C) Every
			 advertisement placed, or caused to be placed, by a licensee shall:
(1) Clearly identify the licensee by stating
			 its name as printed on its license. Provided that, where a licensee has
			 received the approval of the superintendent of the division of financial
			 institutions to conduct business under a trade or alternative name, the
			 licensee may use its true, trade or alternative name, or any combination of
			 them, as they appear on the license issued by the division.
(2) List or disclose its address; and
(3) List or disclose its license
			 number.
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-11 - Rules Relating to Short-Term Loan Act › Section 1301:8-11-04 - Licensing

Current through all regulations passed and filed through July 1, 2024
(A) No licensee
			 shall transact or solicit business under sections
			 1321.35 to
			 1321.48 of the Revised Code
			 under any other name than that set forth on its license.
(B) At least thirty 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 with 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.
Effective:
				09/01/2009
R.C. 119.032 review dates: 09/01/2014
Promulgated Under: 119.03
Statutory Authority:
				1321.43
Rule Amplifies:
				1321.38
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-11 - Rules Relating to Short-Term Loan Act › Section 1301:8-11-05 - Short-term loan license renewal application; issuance of renewal license; expiration

Current through all regulations passed and filed through July 1, 2024
(A) A license expires on the thirty-first day
			 of December of each year regardless of when the license was issued.
(B) A licensee is responsible for ensuring
			 that its renewal application is received by the division prior to the renewal
			 filing deadline set forth in this rule. The failure of a licensee to receive
			 any reminder notice that the division may send will not relieve the licensee of
			 the renewal deadline.
(C) A
			 renewal application must be received by the division prior to the expiration of
			 the current license to prevent any lapse in licensing and in the ability to act
			 as a short-term lender.
(D) A
			 licensee cannot change its address by filing a renewal application and
			 indicating its new intended address on the renewal application. Address changes
			 shall be made in compliance with paragraph (B) of rule
			 1301:8-11-04 of the
			 Administrative Code.
(E) Each
			 question on the renewal application is material to the licensing process.
			 Submitting false or incomplete information or omitting information in
			 connection with a renewal application is grounds for denial of the application
			 or revocation of the license and may subject the applicant and those
			 individuals who signed the application to civil or criminal penalties.
(F) If the information contained
			 in a renewal application for a short-term loan license becomes inaccurate for
			 any reason while the renewal application is pending, the applicant shall be
			 responsible for correcting the inaccurate information within ten business days
			 of the change.
(G) An applicant
			 may request the withdrawal of an application prior to a determination being
			 made by the division by submitting a written request that the application be
			 withdrawn. A request to withdraw a renewal application for a short-term loan
			 license can only be submitted by those individuals legally authorized to do so
			 on behalf of the applicant. An application may only be withdrawn with the
			 permission of the superintendent.
(H) All application fees are non-refundable
			 regardless of whether an application is withdrawn or denied.
(I) Upon approval of a renewal application, a
			 license will be issued for the remainder of the annual licensure period, which
			 ends the following thirty-first day of December.
Effective:
				09/01/2009
R.C. 119.032 review dates: 09/01/2014
Promulgated Under: 119.03
Statutory Authority:
				1321.43
Rule Amplifies:
				1321.37
Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-11 - Rules Relating to Short-Term Loan Act › Section 1301:8-11-06 - Surety bond

Current through all regulations passed and filed through July 1, 2024
(A) Each applicant for a short-term loan
			 license shall obtain and each licensee shall continuously maintain a corporate
			 surety bond that conforms to the requirements set forth in division (D) of
			 section 1321.37 of the Revised Code and
			 complies with the following:
(1) The surety
			 bond shall be in a format prescribed by the division.
(2) The surety bond must be issued in the
			 name of the applicant or licensee, and shall state the main office of the
			 applicant or licensee. If the applicant or licensee uses a trade or alternative
			 business name, the trade or alternative name(s) shall be included on the bond.
(3) A bond may be issued for a
			 period of more than one license period, as long as the coverage is continuous
			 and does not expire until the end of a license period.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-1 - Supervision and Examination › Section 1301:9-1-01 - Definitions

Current through all regulations passed and filed through July 1, 2024
(A)
								 "Business day" means any calendar day that is not a
			 Saturday or Sunday or a legal holiday. "Legal holiday" has the same meaning as
			 in section 1.14 of the Revised Code.
(B)
								
			 "Current earnings" means revenues less operating expenses before all insurance
			 assessments or corporate stabilization expenses.
(C)
								 "File" or
			 "filing" means the day on which any correspondence or other document is
			 received at the Ohio department of commerce, division of financial
			 institutions.
(D)
								 "GAAP" stands for "Generally Accepted Accounting
			 Principles."
(E)
								 "Immediate family" includes a spouse of the official
			 or employee, or the official or employee's child, parent, grandchild,
			 grandparent, brother or sister, or the spouse of any such individual.
(F)
								 "Mail
			 ballot" includes an electronic ballot.
(G)
								 "Net worth"
			 means retained earnings as defined by the American institute of certified
			 public accountants ("AICPA"). Retained earnings normally include undivided
			 earnings, regular reserves and any other forms of capital approved or
			 appropriations designated by regulatory authority.
(H)
								 "Service
			 facility or service facilities" as used in Chapter 1733. of the Revised Code
			 includes a shared service facility and any additional credit union office,
			 agency, or any branch place of business at which member accounts are
			 established or loans are made.
Replaces: 1301:9-1-01
Five Year Review (FYR) Dates:
				9/10/2018 and
				09/08/2023
Promulgated
				Under: 119.03
Statutory
				Authority: 1733.41
Rule
				Amplifies: 1733.01 to
				1733.99
Prior
				Effective Dates: 7/1/2006, 3/22/2012
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-1 - Supervision and Examination › Section 1301:9-1-03 - Supervision, examination and annual financial report

Current through all regulations passed and filed through July 1, 2024
(A) Credit unions
			  shall adopt as a
			 minimum, the following policies:
(1) An
			 electronic information policy which shall provide for operating procedures,
			 practices and purchases of devices used for information technology. These
			 policies and procedures shall serve as an overall plan and analysis of how the
			 system benefits the credit union. In addition, these policies and procedures
			 shall provide guidance and uniformity to the credit union's
			 management.
(2) A security policy
			 which shall provide for the data and physical security needed to ensure that
			 member data obtained by credit unions is safeguarded at all times.
(3) A data backup and recovery policy which,
			 ensures that the credit union is able to recover members' data in the event
			 that data is corrupted or lost.
(4)
			 A contingency/disaster recovery policy and plan which shall provide for
			 procedures for interruption of computer operations and tests for ability to
			 recover both hardware and software. The policy should include a business
			 continuity plan to ensure that the various business lines are aware of their
			 responsibilities in the event of an unanticipated incident or disaster
			 affecting the daily business of the institution. At a minimum, management must
			 ensure that the provisions within this policy are tested on an annual
			 basis.
(5) A policy to notify
			 regulators, insurers and members within 
									72 hours of any
			 
									"reportable cyber incident," as that term is defined in
			 12 C.F.R.
			 748.1(c)(1), as in effect on
			 October 26, 2023.
(6) Credit
			 unions utilizing a servicer shall have a contract which provides for ownership
			 of the data base, minimum notice for cancelling the contract, and a plan for
			 obtaining a copy of the electronic information security policy and regular
			 audit of the servicer periodically, a copy of the backup and recovery plan, and
			 a disaster plan to ensure solvency and continued service. The contract shall
			 also, provide the superintendent with complete access to any books and records
			 of the servicer, as deemed necessary by the superintendent in carrying out his
			 or her responsibilities.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-1 - Supervision and Examination › Section 1301:9-1-04 - Supervisory fee

Current through all regulations passed and filed through July 1, 2024
(A) Each credit
			 union engaged in operations as of January first of a calendar year shall pay
			 the supervisory fee described in division (E) of section
			 1733.32 of the Revised Code,
			 based on a percentage of the gross assets of the credit union, as shown by its
			 last annual financial report, by the following groupings:
(1) The amount from $1 to $125,000 of the
			 credit union's gross assets shall be billed at a rate as established by the
			 superintendent;
(2) The amount from
			 $125,001 to $4,000,000 of the credit union's gross assets shall be billed at a
			 rate which is not less than one-fiftieth of one per cent, or .20 per $1,000 and
			 not more than a rate of one-ninth of one per cent, or
			 1.11 per $1,000;
(3) The amount from $4,000,001 to $30,000,000
			 of the credit union's gross assets shall be billed at a rate which is no
			 greater than one-sixteenth of one per cent, or .62 per $1,000;
(4) Any amount above $30,000,000 of the
			 credit union's gross assets shall be billed at a rate which is no greater than
			 one-twentieth of one per cent, or .50 per $1,000.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-01 - Service facilities

Current through all regulations passed and filed through July 1, 2024
(A) A credit union may
			 provide one or more service facilities for the transaction of any credit union
			 business. A set of all accounting records of the service facilities shall be
			 maintained at the home office of the credit union. A service facility may also
			 include a shared service facility.
(B) No less than
			 thirty calendar days before a credit union closes a service facility, the
			 credit union shall cause written notification of the closure to be received in
			 the office of the superintendent.
Effective: 11/24/2019
Five Year
				Review (FYR) Dates: 11/24/2023
Promulgated Under:
				119.03
Statutory
				Authority: 1733.41
Rule
				Amplifies: 1733.04
Prior
				Effective Dates: 12/31/1975, 09/01/1979, 02/11/1988, 11/01/1988, 08/03/1993,
				07/01/2006, 03/22/2012, 11/26/2018
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-02 - Voting by the membership

Current through all regulations passed and filed through July 1, 2024
(A) Voting by proxy,
								 by mail
			 ballot, or by electronic ballot by members is
			 permitted if a provision for the use thereof and minimum standards are
			 contained in the credit union's code of regulations.
(B)
								 The credit union must
			 annually send a copy of the
			 form of any proxy or ballot to the superintendent
			 for prior review. The Superintendent will approve or
			 deny the proxy or ballot via written repsonse within fifteen business days of
			 receipt.
(C) Irrespective of
			 whether a vote is accomplished by actual vote, mail ballot, electronic ballot,
			 by proxy, or other means approved by the superintendent, only qualified members
			 may vote. Each qualified member is entitled to one vote on each matter properly
			 submitted to the membership. The credit union may use any identifiable method
			 or code unique to the member that verifies the member's identification to vote.
			 If a member does not have access to an electronic ballot, the member must be
			 provided a paper ballot on request.
(D) At a minimum, the form of the proxy
			 shall:
								.
(1)
									Provide for the
			 date of execution, name of member, and any identifiable method or code unique
			 to the member that verifies the member's identification to
			 vote;
(2)
									Indicate, in bold type, whether the proxy is solicited
			 on behalf of management; and
(3)
									Clearly and
			 impartially identify each matter or group of related matters intended to be
			 acted upon, whether proposed by the management or by shareholders;
			 and
(4)
									Indicate that the appointment of proxy will expire no
			 later than eleven months from the time date it is issued
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-03 - Required bond

Current through all regulations passed and filed through July 1, 2024
(A) Each credit
			 union shall obtain and maintain a fidelity bond,
			 subject to approval of the superintendent,
								
								that at
								 a minimum, 
								provides coverage for the fraud and dishonesty of
			 all employees, directors, officers, and committee members. If a bonding company
			 has submitted a template bond to be approved by the superintendent and such
			 template is approved, a credit union may use this bond without the
			 superintendent's approval provided the bond's provisions have not been altered
			 since the time of the superintendent's review and approval. It
			 
								is
			 the responsibility of the board of directors to determine what
			 additional coverage  is needed for its particular credit
			 union.
(B) The superintendent may
			 require additional coverage for any or all credit unions when, in his or her
			 opinion, current coverage is insufficient.
(C) All bond claims or potential bond claims
			 shall be reported to the superintendent within three days of the filing of the
			 claim or notice of potential claim with the bonding company. The notice to the
			 superintendent 
								should include a copy of the claim or notice of
			 potential claim.
(D) All bonds
			 shall include a provision, in a form approved by the superintendent, requiring
			 written notification by the surety to the superintendent:
(1) When the bond of a credit union is
			 terminated in its entirety and when bond coverage is terminated, by issuance of
			 a written notice, on an employee, director, officer or committee member. The
			 notification shall be sent to the superintendent and shall include a brief
			 statement of cause for termination.
(2) When the bond coverage is changed by the
			 credit union or surety. The notification shall include a copy of the change in
			 coverage.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-04 - Charge-off of uncollectible loans and other losses and reserves

Current through all regulations passed and filed through July 1, 2024
(A) The purpose of
			 the allowance for loan losses is to represent the management's estimate of loan
			 losses in a credit union's loan portfolio. The allowance for loan losses will
			 be charged with the amount of uncollectible loans and loan-derived assets which
			 have been authorized for charge-off by the board of directors: likewise,
			 recoveries on loans previously charged-off will be credited to this
			 account.
(B) A record shall be
			 maintained of all loans charged-off. Said record shall contain the following
			 information: account number, name, original date, amount of original loan,
			 security, balance at the time of charge-off; and what, if any, recovery has
			 been made on the security. This record shall be kept current and made available
			 to the examiners at each examination.
(C) Loans should be charged-off when they are
			 deemed uncollectible
								according to the credit union's loan policy. That
			 practice should be applied consistently in all interim financial reporting
			 periods.
(1) A credit union with total assets of ten
			 million dollars or greater shall make charges for loan losses in accordance
			 with GAAP.
(2) A credit union with
			 total assets of less than ten million dollars shall make charges for loan
			 losses in accordance with any reasonable reserve methodology (incurred loss)
			 provided it adequately covers known and probable losses.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-05 - Financial statements

Current through all regulations passed and filed through July 1, 2024
(A) Each
			 credit union member shall:
								.
(1)
									Be furnished, at
			 least semiannually, a statement of accounts clearly reflecting all transactions
			 involving the member's account during the previous accounting
			 period.
(2)
									Be entitled to receive, within a reasonable time and
			 upon request, a statement reflecting the member's current outstanding balances
			 in the member's account.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-06 - Preservation/retention of records

Current through all regulations passed and filed through July 1, 2024
A credit union shall preserve its corporate
				records either as originals or by some other method in accordance with sections
				1733.29 and
				1733.291 of the Revised Code,
				GAAP, and with the following schedule.
(A) Records to be maintained for six years:
(1)
									Monthly financial statements;
(2)
									Litigation
			 records;
(3)
									Repossession records;
(4)
									Minutes of the
			 meetings of all committees of the board of directors;
(5)
			 Minutes of the meetings of the credit committee and supervisory audit
			 committee; and
(6) Subsidiary loan and share ledgers.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-07.1 - Derivatives authority

Current through all regulations passed and filed through July 1, 2024
A credit union may enter into certain derivatives transactions,
				pursuant to an approved derivatives program, exclusively for the purpose of
				reducing interest rate exposure.
(A)
			 "Approved derivatives program" means a program administered by an eligible
			 credit union that meets the criteria established in 12 C.F.R. Part 703, subpart
			 B, as in effect on June 25, 2021 and that the superintendent has approved in
			 accordance with the procedure set out in this rule.
(B) For the purpose of this rule, the
			 following terms contained in 12 C.F.R. Part 703, subpart B, as in effect on
			 June 25, 2021  have equivalent
			 meanings to their Ohio-specific counterparts:
(1) The term "federal credit union"
			 
									has the equivalent meaning of "credit
			 union."
(2) The terms "field
			 director," "field supervisor," "NCUA," "NCUA Board," and "regional director"
			  have the equivalent meaning of
			 "superintendent."
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-08 - Liquidity

Current through all regulations passed and filed through July 1, 2024
(A)
			 Pursuant to division (C) of section
			 1733.31 of the Revised Code, the
			 superintendent 
								defines "liquidity fund" as the sum of all cash on hand or
			 on deposit, plus all investments maturing within one year of the date the
			 calculation in paragraph (C)(1) of this rule is performed.
(B)
The superintendent may require a
				particular credit union or all credit unions to establish a liquidity fund
				greater than five per cent of shares. Factors that could prompt such a
				determination by the superintendent include, but are not limited to, elevated
				market risk, systemic liquidity issues in financial institutions generally, an
				unsound liquidity management program, and the amount of liabilities due within
				one year and non-member deposits maturing within one year for a particular
				credit union.
(C)
								Each credit union shall:
(1)
									calculate its
			 liquidity fund relative to shares on a monthly basis, not later than the tenth
			 day of each month; and
(2)
									in the event the liquidity fund falls below five
			 percent of shares, notify the superintendent within five business days and
			 provide details on how and when the credit union will replenish the Liquidity
			 Fund to a level of at least five percent of shares.