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Ohio Laws and Rules
(A)(1) An application for a certificate of registration under sections 1321.51 to 1321.60 of the Revised Code shall contain an undertaking by the applicant to abide by those sections. The application shall be in writing, under oath, and in the form prescribed by the division of financial institutions, shall give the location where the business is to be conducted and the names and addresses of the partners, officers, or trustees of the applicant, and shall contain any further relevant information that the division may require. Applicants that are foreign corporations shall obtain and maintain a license pursuant to Chapter 1703. of the Revised Code before a certificate is issued or renewed.
(2) Upon the filing of the application and the payment by the applicant of two hundred dollars as an investigation fee and an annual registration fee as determined by the superintendent of financial institutions pursuant to section 1321.20 of the Revised Code, the division shall investigate the relevant facts. If the application involves investigation outside this state, the applicant may be required by the division to advance sufficient funds to pay any of the actual expenses of such investigation, when it appears that these expenses will exceed two hundred dollars. An itemized statement of any of these expenses which the applicant is required to pay shall be furnished the applicant by the division. No certificate shall be issued unless the fees have been submitted to the division, and no registration fee or investigation fee will be returned after a certificate has been issued.
(3) If an application for a certificate of registration does not contain all of the information required under division (A)(1) of this section, and if such information is not submitted to the division within ninety days after the application is filed, the superintendent may consider the application withdrawn and may retain the investigation fee.
(4) If the division finds that the financial responsibility, experience, character, and general fitness of the applicant are such as to command the confidence of the public and to warrant the belief that the business will be operated honestly and fairly in compliance with and within the purposes of sections 1321.51 to 1321.60 of the Revised Code, and that the applicant has the net worth and assets required by division (B) of this section, the division shall thereupon issue a certificate to the applicant. The certificate shall expire on the first day of July next after its issue, and on the first day of July in each succeeding year, unless renewed by payment of an annual fee, and any assessment, as determined by the superintendent pursuant to section 1321.20 of the Revised Code, on or before the last day of June of each year. No other fee or assessment shall be required of a registrant by the state or any political subdivision of the state.
If the division does not so find, it shall enter an order denying the application, and forthwith notify the applicant of the denial, the grounds for the denial, and the applicant’s reasonable opportunity to be heard on the action in accordance with Chapter 119. of the Revised Code. In the event of denial, the division shall return the registration fee but retain the investigation fee.
(5) If there is a change of ten per cent or more in the ownership of a registrant, the division may make any investigation necessary to determine whether any fact or condition exists that, if it had existed at the time of the original application for a certificate of registration, the fact or condition would have warranted the division to deny the application under division (A)(4) of this section. If such a fact or condition is found, the division may, in accordance with Chapter 119. of the Revised Code, revoke the registrant’s certificate.
(B) Each registrant that engages in lending under sections 1321.51 to 1321.60 of the Revised Code shall maintain both of the following:
(1) A net worth of at least fifty thousand dollars;
(2) For each certificate of registration, assets of at least fifty thousand dollars either in use or readily available for use in the conduct of the business.
(C) Not more than one place of business shall be maintained under the same certificate, but the division may issue additional certificates to the same registrant upon compliance with sections 1321.51 to 1321.60 of the Revised Code, governing the issuance of a single certificate. No change in the place of business of a registrant to a location outside the original municipal corporation shall be permitted under the same certificate without the approval of a new application, the payment of the registration fee as determined by the superintendent pursuant to section 1321.20 of the Revised Code and, if required by the superintendent, the payment of an investigation fee of two hundred dollars. When a registrant wishes to change its place of business within the same municipal corporation, it shall give written notice of the change in advance to the division, which shall provide a certificate for the new address without cost. If a registrant changes its name, prior to making loans under the new name it shall give written notice of the change to the division, which shall provide a certificate in the new name without cost. Sections 1321.51 to 1321.60 of the Revised Code do not limit the loans of any registrant to residents of the community in which the registrant’s place of business is situated. Each certificate shall be kept conspicuously posted in the place of business of the registrant and is not transferable or assignable.
(D) Sections 1321.51 to 1321.60 of the Revised Code do not apply to any of the following:
(1) Persons lawfully doing business under the authority of any law of this state, another state, or the United States relating to banks, savings banks, trust companies, savings and loan associations, or credit unions;
(2) Life, property, or casualty insurance companies licensed to do business in this state;
(3) Any person that is a lender making a loan pursuant to sections 1321.01 to 1321.19 of the Revised Code or a business loan as described in division (B)(6) of section 1343.01 of the Revised Code;
(4) Any governmental agency or instrumentality, or any entity included under division (B)(3) of section 1343.01 of the Revised Code.
(E) No person engaged in the business of selling tangible goods or services related to tangible goods may receive or retain a certificate under sections 1321.51 to 1321.60 of the Revised Code for such place of business.
Effective Date: 08-10-2000