1301:8-7-25 Affiliated business disclosures.

(A) Disclosures required by division (A) of section 1322.075 of the Revised Code shall be made as an addendum to any affiliated business relationship disclosure required by federal law pursuant to 24 C.F.R. Part 3500.15 as in effect on January 1, 2007 and 12 U.S.C. section 2607 as in effect on January 1, 2007. If an affiliated business relationship disclosure is not required and applicable under 24 C.F.R. Part 3500.15 as in effect on January 1, 2007 and 12 U.S.C. section 2607 as in effect on January 1, 2007, then the disclosure shall be provided on a separate form. Proof of the disclosure shall be evidenced by obtaining the borrower's signature with date, which signature shall be requested at the time of disclosure. The signed copy shall be kept as a record of the registrant. The disclosure, if made in conjunction with a related federal affiliated business relationship disclosure shall be made at the time or times permitted by federal law for its counterpart. The disclosure, if made where there is no related federal affiliated business relationship disclosure, shall be made at the time of each referral or at the time that the good faith estimate is provided as required by division (D) of section 1322.062 of the Revised Code.

(B) The term "settlement service provider" as used in section 1322.075 of the Revised Code includes, but is not limited to, title service providers, document preparation servicers, processors, and other bona fide third parties compensated for their services in connection with closing the mortgage loan.

Effective: 06/01/2007
R.C. 119.032 review dates: 11/15/2010
Promulgated Under: 119.03
Statutory Authority: 1322.12
Rule Amplifies: 1322.062 , 1322.075