Ohio Administrative Code Search

...(A) "Assets," 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 se...

...(A) "Assets," 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 "asse...

...(A) All records required to be maintained by this rule shall be kept current and shall be available at all times during normal business hours for review by the division of financial institutions. Records shall be legible and maintained in a type size that is clearly readable without magnification, and in conformity with any specific typeface or font size that may be required by state or federal law. Except where othe...

...(A) Records must be kept current and be available at a registered location at all times during normal business hours for review by the superintendent. Records must be legible and maintained in a type size that is clearly readable without magnification and in conformity with any specific typeface or font size that may be required by state or federal law. Except when otherwise provided by federal or...

...(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) ...

...(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...

...(A) The notification referenced in division (A) of section 4727.04 of the Revised Code concerning a pending move of a licensee's business location shall be delivered to the superintendent of financial institutions in writing. (B) The notification referenced in division (C) of section 4727.04 of the Revised Code concerning changes to a licensee's posted hours of operation shall be delivered to the...

...(A) 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 in...

...(A) 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 in...

...Unless 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...

...Unless 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, p...

...(A) A registrant shall register every office where any of the following 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 lic...

...(A) In accordance 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 s...

...(A) In accordance 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 s...

...(A) Every advertisement placed, or caused to be placed, by a registrant or licensee shall, in manner or form that is reasonably understandable 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,...

...(A) With respect to a bond obtained by a registrant, or by a qualified exempt entity or loan processing or underwriting company in the same manner as a registrant, 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...

...(A) The "Mortgage Loan Origination Disclosure Statement" shall be on a form which conforms to the model form posted on the division of financial institution's 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 registran...

...The affiliated business 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.

...Conduct that constitutes improper, fraudulent, or dishonest 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 comp...

...Conduct that constitutes improper, fraudulent, or dishonest 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 com...

...(A) In accordance 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 oc...

...(A) In accordance 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...

...The notification requirements in this administrative rule shall be made via the NMLS unless otherwise indicated. If notice of a change is required to be made before its effective date, the registrant or qualified exempt entity shall submit an "advance change notice" via the NMLS. (A) A registrant or qualified exempt entity shall notify the superintendent at least fifteen days before the sale, transfer, or hypothecat...

...(A) Compensation of any kind paid to a licensee employed by or associated with a registrant or qualified exempt entity shall be paid by check or electronic draft drawn on an account of the registrant or qualified exempt entity. Registrants shall not pay compensation from the special account maintained pursuant to section 1322.08 of the Revised Code. Compensation to a licensee may be paid on an account of a third part...

...(A) Compensation of any kind paid to a licensee employed by or associated with a registrant or qualified 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 th...