1301:8-5-03 Notifications.

(A) The notification referenced in division (A) of section 4727.04 of the Revised Code concerning a pending move of a licensee's business location shall be delivered to the superintendent of financial institutions in writing.

(B) The notification referenced in division (C) of section 4727.04 of the Revised Code concerning changes to a licensee's posted hours of operation shall be delivered to the superintendent in writing at least five calendar days prior to the effective date of the changes.

(C) The notification referenced in division (H) of section 4727.03 of the Revised Code concerning the surrender or non-renewal of a licensee's license shall be delivered to the superintendent in writing. The notice 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.

(D) 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.

(E) Each location of a licensee shall notify the superintendent in writing within ten business days of the newly designated individual or salesperson who is to meet the continuing education requirements referenced in divisions (A) to (C) of section 4727.19 of the Revised Code in the event the originally designated individual or salesperson is unable, for any reason, to comply with the continuing education requirements.

(F) If the information contained in an application for a pawnbroker license becomes inaccurate for any material reason before or after the applicant becomes licensed, the applicant shall be responsible for correcting the inaccurate information in writing within fourteen days of the change unless otherwise required by Chapter 4727. of the Revised Code or this chapter.

(G) The written notifications prescribed by this rule may be delivered by postal mail, in person, via electronic mail, or via facsimile.

Replaces: 1301:8-5-03

Effective: 11/15/2010
R.C. 119.032 review dates: 11/15/2014
Promulgated Under: 119.03
Statutory Authority: 4727.13
Rule Amplifies: 4727.13
Prior Effective Dates: 6/16/2005