Ohio Administrative Code Search

...(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...

...(A) A registrant or qualified exempt entity may, with the prior approval of the superintendent, use a trade name or fictitious name, provided: (1) The trade name or fictitious name complies with division (A)(1) of section 1101.15 of the Revised Code; and (2) The trade name is registered with or the fictitious name is reported to the Ohio secretary of state in accordance with Chapter 1329. of the Revised Code. (B) ...

...(A) A registrant or qualified exempt entity may, with the prior approval of the superintendent, use a trade name or fictitious name, provided: (1) The trade name or fictitious name complies with division (A)(1) of section 1101.15 of the Revised Code; and (2) The trade name is registered with or the fictitious name is reported to the Ohio secretary of state in accordance with Chapter 1329. of...

...(A) In addition to the criteria set forth in divisions (F)(1) to (F)(6) of section 1322.01 of the Revised Code, a bona fide nonprofit organization is also required to: (1) Be registered and maintain current registration status with the charitable law section of the Ohio attorney general's office; or (2) Possess a valid letter of exemption from the charitable law section of the Ohio attorney ...

...(A) In accordance with 12 U.S.C. 5103(b)(2), as in effect on January 12, 2014, an independent contractor shall not perform the clerical or support duties as defined in 12 U.S.C. 5102(5)(B), as in effect on January 12, 2014, of a loan processor or underwriter for residential mortgage loans involving property in this state without first having obtained a loan originator license issued pursuant to Chapter 1322. of the R...

...(A) For purposes of division (AA)(2)(h) of section 1322.01 of the Revised Code, "loan processing or underwriting company" means an entity that performs only clerical or support duties for one or more unaffiliated registrants or qualified exempt entities. (B) For purposes of division (AA)(2)(h) of section 1322.01 of the Revised Code, "employee" means an individual for whom the loan processing or u...

...As used in rules 1301:8-7-35 to 1301:8-7-40 of the Administrative Code: (A) "Confirmed successor in interest" means a successor in interest once a mortgage servicer has confirmed the successor in interest's identity and ownership interest in a property that secures a residential mortgage loan. (B) "Dealer" means the following: (1) In the case of property improvement loans, a seller, contracto...

...(A) A mortgage servicer will comply with this rule for any written notice from the borrower that asserts an error and that includes the name of the borrower, information that enables the mortgage servicer to identify the borrower's residential mortgage loan account, and the error the borrower believes has occurred. A notice on a payment coupon or other payment form supplied by the mortgage service...

...(A) A mortgage servicer will comply with this rule for any written request for information from a borrower that includes the name of the borrower, information that enables the mortgage servicer to identify the borrower's residential mortgage loan account, and states the information the borrower is requesting with respect to the borrower's residential mortgage loan. A request on a payment coupon or...

...(A) In accordance with sections 1315.21 to 1315.30 of the Revised Code each check-cashing business shall obtain a license for its main office. An application, license fee and investigation fee shall also be submitted to the superintendent of financial institutions for authorization for each additional business location where check-cashing activity is to be conducted. Every subsequent application f...

...(A) A licensed check-cashing business shall maintain its records for at least two years from the date of each check-cashing transaction. The retention period for an advertisement commences from the date the advertisement is published, broadcast, or disseminated. (B) Records shall be maintained at the licensed location where the check-cashing transaction ocurred or at another location approve...

...(A) Counseling services meeting the following criteria are authorized by the superintendent of financial institutions to provide prepurchase counseling to consumers as may be required by section 1349.27 of the Revised Code: (1) Counseling services certified by the secretary of the United States department of housing and urban development (HUD) pursuant to 12 U.S.C. 1701x(e), as in effect on November 19, 2013, and ...

...(A) All short-term loan records required to be maintained by section 1321.422 of the Revised Code and 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 m...

...(A) All short-term loan records required to be maintained by section 1321.422 of the Revised Code and 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...

...(A) Credit unions utilizing computers shall adopt as a minimum, the following policies: (1) An electronic information policy which shall provide for operating procedures, practices and purchases of devices used for information technology. These policies and procedures shall serve as an overall plan and analysis of how the system benefits the credit union. In addition, these policies and procedures shall provide gui...

...(A) Credit unions shall adopt as a minimum, the following policies: (1) An electronic information policy which shall provide for operating procedures, practices and purchases of devices used for information technology. These policies and procedures shall serve as an overall plan and analysis of how the system benefits the credit union. In addition, these policies and procedures shall provide ...

...(A) Each credit union engaged in operations as of January first of a calendar year shall pay the supervisory fee described in division (E) of section 1733.32 of the Revised Code, based on a percentage of the gross assets of the credit union, as shown by its last annual financial report, by the following groupings: (1) The amount from $1 to $125,000 of the credit union's gross assets shall be billed at a rate as esta...