Ohio Administrative Code Search

..." as used in division (B)(2) of section 1321.53 of the Revised Code, shall mean properties of value that are owned by the applicant or registrant. Therefore, assets include cash on hand and in depository institutions, readily marketable securities, accounts receivable (less allowances for uncollectible accounts) and real estate (less liens and depreciation). However, the term "assets" as used in this section shall ...

... used in division (B)(2) of section 1321.53 of the Revised Code, shall mean properties of value that are owned by the applicant or registrant. Therefore, assets include cash on hand and in depository institutions, readily marketable securities, accounts receivable (less allowances for uncollectible accounts) and real estate (less liens and depreciation). However, the term "assets" as used in t...

...ed to be recorded. Pursuant to section 1321.55 of the Revised Code, each registrant shall maintain the following records for all loans made pursuant to sections 1321.51 to 1321.60 of the Revised Code for at least two years after making the final entry on the records at either the registered premises or any other location approved in advance in writing by the superintendent of financial institutions. (1) Copies of l...

...p and preserve the following records: (1) A sortable electronic spreadsheet which discloses the following fields of information: (a) Principal borrower's name; (b) Principal borrower's address; (c) Loan or account number; (d) Type of the security for the loan; (e) Date of loan; (f) Amount financed; (g) Date finance charges begin to accrue; (h) Loan origination charge; (i) Itemization of all additional f...

...A) "Finance charge" as used in sections 1321.71 to 1321.84 of the Revised Code and Chapter 1301:8-4 of the Administrative Code means the finance charge rate authorized in such sections, and shall not have the meaning set forth for that term in the bureau of consumer financial protection regulation Z on truth in lending, 12 C.F.R. 1026.4 as in effect on April 1, 2014. The acquisition charge permitted in division (C) o...

...(A) In connection with section 1321.76 of the Revised Code, each active licensee shall maintain required records for all premium finance agreements made pursuant to sections 1321.71 to 1321.83 of the Revised Code at either the licensed office or any other location approved in writing by the division of financial institutions. (B) Required records shall be maintained current and shall be available at regular business...

...ee, as defined in paragraph (E) of rule 1301:8-5-08 of the Administrative Code, who is designated to comply with the continuing education requirements set forth in division (A) of section 4727.19 of the Revised Code. If the licensee determines that the designated employee is unable to meet those requirements, the licensee shall designate a new employee for that place of business and shall, within ...

...Application for course approvals. (1) Any person seeking to offer live classroom or online continuing education courses to licensees and designated employees shall request approval from the superintendent. In order for a course to be considered for approval the following information and documentation shall be submitted to the superintendent in writing at least fifteen days prior to the initia...

...Application for course approvals. (1) Any person seeking to offer live classroom or online continuing education courses to licensees and designated employees shall request approval from the superintendent. In order for a course to be considered for approval the following information and documentation shall be submitted to the superintendent in writing at least fifteen days prior to the initia...

...otherwise specified, as used in Chapter 1322. of the Revised Code and in this chapter of the Administrative Code: (A) "Advertisement" and "advertising" means any written or oral statement, illustration, or depiction, whether in English or any other language, that is designed to effect a sale or create interest in purchasing goods or services, whether it appears on or in a label, package, package insert, radio, telev...

...herwise specified, as used in Chapter 1322. of the Revised Code and in this chapter of the Administrative Code: (A) "Advertisement" and "advertising" means any written or oral statement, illustration, or depiction, whether in English or any other language, that is designed to effect a sale or create interest in purchasing goods or services, whether it appears on or in a label, package, package in...

...activities occur or conditions exist: (1) Leads are solicited or received, directly or indirectly, from residents of this state, for property in this state, or from a location physically in this state; (2) Records pertaining to business conducted pursuant to Chapter 1322. of the Revised Code are maintained in paper form; (3) A registrant's licensees originate residential mortgage loans for residents of this state,...

...rdance with division (B) of section 1322.34 of the Revised Code and division (C)(3) of section 1322.05 of the Revised Code, the four-year retention period commences on the date the residential mortgage loan is closed or, if the residential mortgage loan is not closed, the date of the withdrawal or denial of the residential mortgage loan application. If the residential mortgage loan is serviced by ...

...rdance with division (B) of section 1322.34 of the Revised Code and division (C)(3) of section 1322.05 of the Revised Code, the four-year retention period commences on the date the residential mortgage loan is closed or, if the residential mortgage loan is not closed, the date of the withdrawal or denial of the residential mortgage loan application. If the residential mortgage loan is serviced by ...

...derstandable to the average borrower: (1) State the name of the registrant as printed on its certificate of registration. If a registrant has been approved by the superintendent to conduct business using a trade name or fictitious name, the registrant may use its name, trade name, or fictitious name, or any combination of them, as they appear on its certificate of registration; (2) State the ...

...trant, the following shall apply: (1) The surety bond required by section 1322.32 of the Revised Code shall be on a form acceptable to the superintendent. (2) The surety bond must be issued in the name of the registrant, qualified exempt entity, or loan processing or underwriting company and list the main office of the registrant, qualified exempt entity, or loan processing or underwriting c...

... web site. (B) As used in division (A)(1)(f) of section 1322.062 of the Revised Code, "the fee to be paid by the buyer to the registrant" means any and all compensation the registrant receives from the buyer, but does not include any fees collected by registrants from buyers on behalf of bona fide third party service providers. (C) Timely disclosures. (1) As used in division (B) of section 1322.062 and division (B...

...disclosure referenced in division (A)(1) of section 1322.42 of the Revised Code shall comply with 12 C.F.R. 1024.15(b), as in effect May 1, 2024, and be made in conformity with the timing specified in 12 C.F.R. 1024.15(b)(1), as in effect May 1, 2024.

... dealings under division (C) of section 1322.40 of the Revised Code includes the following: (A) Failing to return all original documents provided to the registrant or licensee by the borrower; (B) Permitting an unlicensed individual to originate residential mortgage loans; (C) Sharing or splitting any commission, discount, fee or other compensation for originating a residential mortgage loan with...

... dealings under division (C) of section 1322.40 of the Revised Code includes the following: (A) Failing to return all original documents provided to the registrant or licensee by the borrower; (B) Permitting an unlicensed individual to originate residential mortgage loans; (C) Sharing or splitting any commission, discount, fee, or other compensation for originating a residential mortgage loan wit...

...ordance with division (C)(2) of section 1322.052 of the Revised Code, a licensee or applicant to become a licensee shall be permitted to receive credit for a continuing education course in a year other than the year in which the course is taken in order to make up a deficiency in continuing education. (B) A licensee or applicant to become a licensee shall make up any continuing education deficiency that occurred on ...

...nce with division (C)(2) of section 1322.28 of the Revised Code, a licensee or applicant to become a licensee shall be permitted to receive credit for a continuing education course in a year other than the year in which the course is taken in order to make up a deficiency in continuing education. (B) A licensee or applicant to become a licensee shall make up any continuing education deficiency th...

...it directly to the division via mail: (1) A copy of the lease or rental agreement for the new location or proof that the registrant or qualified exempt entity owns the new location; (2) An updated surety bond, rider or endorsement reflecting the new address if its main office location has changed; (F) A registrant or qualified exempt entity shall notify the superintendent of the termination of a licensee by removi...

... account maintained pursuant to section 1322.08 of the Revised Code. Compensation to a licensee may be paid on an account of a third party payroll administrator acting as the registrant's or qualified exempt entity's agent. The check or electronic draft must be written to the licensee in the licensee's legal name. (B) A registrant or qualified exempt entity may compensate a licensee or former licensee in accordance ...

...ualified exempt entity shall be: (1) Paid by check or electronic draft; (2) Paid from the account of the registrant or qualified exempt entity, or account of a third party payroll administrator acting as the registrant's or qualified exempt entity's agent; and (3) Paid or made payable to the licensee in the licensee's legal name. (B) A registrant or qualified exempt entity may compen...