1301:8-7-11 Loan officer license transfer.

(A) A licensee must file a transfer application when:

(1) The licensee desires to change his or her employment from one registrant to another; or

(2) The licensee wants to reactivate his or her license and to transfer the license from escrow to a registrant.

(B) Filing a transfer application does not authorize an individual to originate mortgage loans for the registrant to which the individual is transferring. To be authorized to originate mortgage loans for the registrant to which the individual is transferring, either the license must be transferred and a new license printed identifying the new registrant, or a completed transfer application must be filed with the division and the registrant to which the individual is transferring must have received written confirmation from the superintendent in accordance with division (E)(2) of section 1322.031 of the Revised Code.

(C) A transfer application will not be processed or granted until all required information is received. To apply for a license transfer, a licensee must submit:

(1) A non-refundable license transfer fee of fifteen dollars;

(2) A "Certificate of Employment" form approved by the superintendent of the division of financial institutions; and

(3) A properly completed "Loan Officer License Transfer" form approved by the superintendent of the division of financial institutions.

(D) Upon approval of a transfer application, a license will be issued for the remainder of the annual licensure period.

(E) All licenses expire annually on the thirtieth day of April. Compliance with section 1322.041 of the Revised Code and rule 1301:8-7-10 of the Administrative Code are required for renewal of a license.

Effective: 06/01/2007
R.C. 119.032 review dates: 11/15/2009
Promulgated Under: 119.03
Statutory Authority: 1322.12
Rule Amplifies: 1322.031
Prior Effective Dates: 9-1-06