(A) Notwithstanding any provision of sections 1321.51 to 1321.60 of the Revised Code, or any rule adopted thereunder, if the "Secure and Fair Enforcement for Mortgage Licensing Act of 2008," 122 Stat. 2810, 12 U.S.C. 5101, as amended, is modified after the effective date of this section, or any regulation, statement, or position is adopted under that act, and the item modified or adopted affects any matter within the scope of sections 1321.51 to 1321.60 of the Revised Code, the superintendent of financial institutions may by rule adopt a similar provision.
(B) The superintendent shall adopt the rules authorized by this section in accordance with section 111.15 of the Revised Code. Chapter 119. of the Revised Code does not apply to rules adopted under the authority of this section.
(C) A rule adopted by the superintendent under the authority of this section is effective on the later of the following dates:
(1) The date the superintendent issues the rule;
(2) The date the regulation, rule, interpretation, procedure, or guideline the superintendent's rule is based on becomes effective.
(D) The superintendent may, upon thirty days' written notice, revoke any rule adopted under the authority of this section. A rule adopted under the authority of this section, and not revoked by the superintendent, lapses and has no further force and effect eighteen months after the rule's effective date.
Added by 128th General AssemblyFile No.9,HB 1, §101.01, eff. 10/16/2009.
Related Legislative Provision: See 128th General AssemblyFile No.9,HB 1, §745.60.