Ohio Revised Code Search

...elegate" means a person designated by a licensee under section 1315.11 of the Revised Code to receive, directly or indirectly, money or its equivalent for transmission by the licensee. (B) "Control" means the power, directly or indirectly, to direct the management and policies of a licensee or the ownership, control of, or power to vote twenty-five per cent or more of any class of the outstanding voting securities o...

...or its equivalent for transmission is a licensee, an authorized delegate of a licensee that is not itself required to be licensed under division (B) of this section, or is one of the following: (1) The United States or any department, agency, or instrumentality of the United States; (2) The United States postal service; (3) A state of the United States or any political subdivision of a state of the United States; ...

...g applies: (a) The information is of a commercial or financial nature, disclosure of which likely would result in substantial harm to the competitive position of the applicant or its affiliates or to any party to the transaction or its affiliates. (b) The information is of a personal, medical, financial, or similar nature, disclosure of which would result in a clearly unwarranted invasion of personal privacy. (c) ...

... an application for a money transmitter license described in section 1315.03 of the Revised Code, the superintendent of financial institutions shall examine all the facts and circumstances relating to the application. (2) At the applicant's expense, the superintendent may conduct an on-site examination of the applicant's books, records, and operations. If the superintendent requests, the applicant shall advance to ...

...Each licensee, at all times, shall meet both of the following requirements: (A) Be a legally established business entity that is capitalized separately and distinctly from every other legal entity and qualified to do business in this state; (B) Have a minimum net worth of not less than five hundred thousand dollars, calculated according to generally accepted accounting principles, but excluding any assets that the ...

... time drafts drawn on and accepted by a commercial bank, otherwise known as bankers' acceptances, that are eligible for purchase by member banks of the federal reserve system; (4) Any investment bearing a rating of one of the three highest grades as defined by a nationally recognized organization that rates securities; (5) Investment securities that are obligations of the United States or its agencies or instrument...

...tendent of financial institutions, each licensee shall provide and maintain a security device of one or more of the types described in division (B) of this section of not less than three hundred thousand dollars or such greater amount as the superintendent finds appropriate but, except pursuant to a supervisory action, not exceeding two million dollars. (2) By control agreement or terms of the bond, the security dev...

... the end of each calendar quarter, each licensee shall submit to the superintendent of financial institutions all of the following in the form prescribed by the superintendent: (1) The licensee's unaudited, unconsolidated financial statements as of the end of the calendar quarter, including a balance sheet, income statement, statement of changes in shareholder's equity, and statement of cash flows; (2) A statement ...

...ce of any of the events listed below, a licensee shall file a written report with the superintendent describing the event and its expected impact on the licensee's activities in the state: (1) Any material changes in information provided in a licensee's application or any report submitted to the superintendent under sections 1315.01 to 1315.18 of the Revised Code; (2) The licensee's filing for bankruptcy or reorgan...

...(A) Each licensee shall make, keep, and preserve with respect to the licensee the following books, accounts, and other records for a period of five years to be open to inspection by the superintendent of financial institutions: (1) A record or records of each money transmission transaction; (2) A general ledger containing all assets, liabilities, capital, income, and expense accounts, posted at least monthly; (3) ...

...g applies: (a) The information is of a commercial or financial nature, disclosure of which likely would result in substantial harm to the competitive position of the applicant or its affiliates or to any party to the transaction or its affiliates. (b) The information is of a personal, medical, financial, or similar nature, disclosure of which would result in a clearly unwarranted invasion of personal privacy. (c) ...

... an application to acquire control of a licensee described in section 1315.10 of the Revised Code, the superintendent of financial institutions shall examine all of the facts and circumstances relating to the application. (B) The superintendent shall approve the application described in division (A) of this section if the superintendent determines both of the following: (1) The competence and experience of the a...

...(A) A licensee that chooses to conduct money transmission activities in this state through an authorized delegate shall execute an express written contract with the authorized delegate that, at a minimum, sets forth all of the following: (1) The duties and responsibilities of the authorized delegate regarding money or its equivalent received from persons located in this state for transmission by the licensee; (2) T...

...examine the records and affairs of each licensee. The examination shall include a review of all of the following: (1) Compliance with law; (2) Safety and soundness; (3) Other matters that the superintendent determines. (B) The superintendent may conduct all aspects of an examination described in division (A) of this section concurrently or may divide the examination into constituent parts and conduct them at vari...

...minations of the records and affairs of licensees and other money transmitters over which they have concurrent jurisdiction; (b) Joint or concurrent examinations of the records and affairs of licensees and other money transmitters over which they have concurrent jurisdiction; (c) Coordinated examinations of the records and affairs of licensees and other money transmitters over which they have collective jurisdictio...

...d in the course of the examination of a licensee or other person conducted pursuant to the authority of sections 1315.01 to 1315.18 of the Revised Code is privileged and confidential. No person, including any person to whom the information is disclosed under the authority of this section, shall disclose information leading to, arising from, or obtained in the course of an examination, except as specifically provided ...

...pplication fee for an application for a license to transmit money under section 1315.03 of the Revised Code; (B) An annual fee described in division (E) of section 1315.04 of the Revised Code for each licensee to carry on the business of a money transmitter. When establishing the annual fee for each licensee, the superintendent may consider the number of offices and authorized delegates the licensee has and the volu...

...The superintendent of financial institutions may adopt rules that, in the superintendent's judgment, are necessary or appropriate to carry out the purposes of sections 1315.01 to 1315.18 of the Revised Code.

...ve officer, or controlling person of a licensee, or to otherwise have a substantial interest in or participate in the management of a licensee, the superintendent shall request the superintendent of the bureau of criminal identification and investigation, or a vendor approved by the bureau, to conduct a criminal records check based on the person's fingerprints in accordance with section 109.572 of the Revised ...

...o issue a cease and desist order upon a licensee or other person if, in the opinion of the superintendent, either of the following applies to the licensee or other person: (1) The licensee or other person is engaging, has engaged, or, the superintendent has reasonable cause to believe, is about to engage in an unsafe or unsound practice in conducting the business of transmitting money. (2) The licensee or other per...

...arges and intent to suspend or revoke a licensee's license, if the superintendent finds that any of the following applies: (1) Any fact or condition exists that, if it had existed at the time when the licensee applied for its license, would have been grounds for denying the application. (2) The licensee's net worth becomes inadequate and the licensee, after ten days' written notice from the superintendent, fails to...

...ns may assess civil penalties against a licensee or other person for each day a violation, unsafe or unsound practice, or breach continues as follows: (1) The superintendent may assess a civil penalty of not more than five hundred dollars per day if the licensee or other person violates any of the following: (a) Any law or rule; (b) Any order issued pursuant to section 1315.15 or 1315.151 of the Revised Code; (c)...

...If the superintendent of financial institutions has reason to believe that a person has violated or is violating section 1315.02 of the Revised Code, the superintendent may petition the court of common pleas of the county where the person's principal place of business or residence is located or, if the person's principal place of business or residence is not in this state, the court of common pleas of Franklin county...

...y under oath regarding the affairs of a licensee or other person; (2) Compel, by order or subpoena, the production of any record, book, paper, document, item, or other thing pertaining to a licensee or other person. (B) The superintendent shall serve an order or subpoena issued pursuant to division (A) of this section in any manner provided by section 1315.161 of the Revised Code. (C) If a person fails to comply w...

...(A) The superintendent of financial institutions may serve any notice that the superintendent is required or authorized to give and any subpoena or order that the superintendent is required or authorized to issue pursuant to sections 1315.01 to 1315.18 of the Revised Code, at the sole discretion of the superintendent, by any of the following means: (1) In person by the superintendent or an employee or agent of the d...