Ohio Revised Code Search

...If the assignee fails or declines, upon notice by any creditor, to institute suit as provided in section 1313.58 of the Revised Code, such creditor may himself commence it within five days after serving notice upon the assignee to commence suit, and the procedure and administration shall be the same as is provided for in sections 1313.01 to 1313.58, inclusive, of the Revised Code for suits begun by a creditor.

...nother place, but does not include transactions in which the recipient of the money or its equivalent is the principal or authorized representative of the principal in a transaction for which the money or its equivalent is received, other than the transmission of money or its equivalent. "Transmit money" also includes the sale of checks and other payment instruments.

...esentative of any of these; (5) A contractor providing electronic transfer of government benefits on behalf of the United States or any department, agency, or instrumentality of the United States or on behalf of any state or any political subdivision of any state of the United States; (6) A person the only money transmitter activity of which is to deliver payroll money on behalf of employers to employees by check o...

...trating the harm that would result from public disclosure of the item of information or setting forth the reason that the applicant cannot authorize public disclosure of the item of information. (c) The applicant separately shall bind and identify all items of information for which confidential treatment is requested under division (C) of this section and shall make specific reference to those items in the remainder...

...e examination of the applicant's books, records, and operations. If the superintendent requests, the applicant shall advance to the superintendent the superintendent's estimate of the cost of the on-site examination, with any unconsumed portion to be returned to the applicant. (3) The applicant shall pay the cost of its examination described in division (A) of this section, or any balance of the cost of its examina...

...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 ...

...(A)(1)(a) Subject to division (A)(2) of this section, each licensee shall maintain permissible investments described in division (B) of this section having an aggregate market value of not less than the aggregate amount of all of the licensee's outstandings received from persons in the United States, directly and through authorized delegates, to the extent reported to the licensee. (b) For purposes of division (A)(1...

...(A)(1) In a form satisfactory to the superintendent 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 agre...

...f the number of money transmission transactions undertaken by the licensee in this state and in the United States in total, the dollar amount of those transactions, and the number and dollar amount of those transactions currently outstanding; (3) A schedule of the licensee's permissible investments and their market values as of the end of the calendar quarter; (4) A schedule of the locations, if any, within this st...

...escribing 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 reorganization; (3) The institution of revocation or suspension proceedings against the licensee by any stat...

...records of each money transmission transaction; (2) A general ledger containing all assets, liabilities, capital, income, and expense accounts, posted at least monthly; (3) All bank statements and bank reconciliation records; (4) A record of all outstandings; (5) A record of all payments made; (6) The names and addresses of all authorized delegates of the licensee; (7) Any other records that the superintendent ...

...trating the harm that would result from public disclosure of the item of information or setting forth the reason that the applicant cannot authorize public disclosure of the item of information. (c) The applicant separately shall bind and identify all items of information for which confidential treatment is requested under division (C) of this section and make specific reference to those items in the remainder of th...

... acceptable. (2) The interests of the public are not jeopardized by the change of control.

... institutions may examine the books and records and policies and procedures of the licensee's authorized delegate. (D)(1) An authorized delegate or other person that receives money or its equivalent for transmission by a licensee shall keep it separate and shall not commingle it with other money or receipts. All money or its equivalent, less fees, that is received by an authorized delegate or by any other person for...

...t purpose, thoroughly shall 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 pa...

... other money transmitters and otherwise act on behalf of financial institution regulatory authorities of this and other states, the United States, and other countries having jurisdiction over the licensees and other money transmitters; (3) Rely on information leading to, arising from, or obtained in the course of examinations conducted by financial institution regulatory authorities of this and other states, the Uni...

...ble them to act in the interests of the public; (2) To the banking commission, created pursuant to section 1123.01 of the Revised Code, to enable the commission to effectively advise the superintendent and take action on any matter the superintendent presents to the commission; (3) To financial institution regulatory authorities of this and other states, the United States, and other countries to assist them in thei...

...Annually, the superintendent shall establish both of the following: (A) The application 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 conside...

...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.

...ed by the bureau, to conduct a criminal records check based on the person's fingerprints in accordance with section 109.572 of the Revised Code. The superintendent of financial institutions shall request that criminal record information from the federal bureau of investigation be obtained as part of the criminal records check. Any fee required under division (C)(3) of section 109.572 of the Revised Code shall b...

... licensee's or other person's books and records are too incomplete or inaccurate to permit the superintendent, through the normal supervisory process, to determine the financial condition of the licensee or other person or the details or purpose of one or more transactions that may have a material effect on the financial condition of the licensee or other person. (4) The superintendent finds that the violation or un...

...etermines that the licensee's books and records are too incomplete or inaccurate to permit the superintendent, through the normal supervisory process, to determine the financial condition of the licensee or the details or purpose of one or more transactions that may have a material effect on the financial condition of the licensee. (4) The superintendent finds that one or more of the grounds alleged pursuant to divi...

...ch 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) Any condition imposed in writing by the superintendent in connection w...

...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...

...(A) The superintendent of financial institutions may do both of the following: (1) Summon and compel, by order or subpoena, witnesses to appear before the superintendent, deputy superintendent, examiner, or attorney examiner, and testify 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 pertaini...