Ohio Revised Code Search

...(A) Whoever violates division (F) of section 128.96 of the Revised Code is guilty of a misdemeanor of the fourth degree. (B) Whoever violates division (G) or (H) of section 128.96 or division (B)(2) of section 128.60 of the Revised Code is guilty of a misdemeanor of the fourth degree on a first offense and a felony of the fifth degree on each subsequent offense. (C) If a wireless service provider, reseller, or ...

...ner that does not incentivize it or its employees to act other than in the best interests of its clients; (5) Compensates its employees in a manner that does not incentivize employees to act other than in the best interests of its clients; (6) Provides, or identifies for the borrower, residential mortgage loans with terms favorable to the borrower and comparable to mortgage loans and housing assistance provided u...

...The superintendent of financial institutions may, by rule, amend the definition of mortgage loan originator, mortgage broker, mortgage lender, mortgage servicer, or any other definition in section 1322.01 of the Revised Code, or the criteria for an entity to obtain a letter of exemption, or a registration or license, under this chapter, if the superintendent finds that the change is necessary to remain consistent wit...

...ng on the nationwide mortgage licensing system and registry as an exempt entity for the purpose of licensing loan originators exclusively associated with the institution and that holds a valid letter of exemption issued by the superintendent pursuant to division (B)(1) of section 1322.05 of the Revised Code.

...(A) A credit union service organization or depository institution seeking exemption from registration pursuant to division (H) or (I) of section 1322.04 of the Revised Code or rules adopted by the superintendent in accordance with section 1322.02 of the Revised Code shall submit an application to the superintendent of financial institutions along with a nonrefundable fee of three hundred fifty dollars for each locati...

...(A)(1) No person, on the person's own behalf or on behalf of any other person, shall engage in the transaction of business as a mortgage lender, mortgage servicer, or mortgage broker in this state without first having obtained a certificate of registration from the superintendent of financial institutions for the principal office and every branch office to be maintained by the person for the transaction of business a...

...ts of the nationwide mortgage licensing system and registry. The application shall be accompanied by a nonrefundable application fee of seven hundred dollars for each location of an office to be maintained by the applicant in accordance with division (A) of section 1322.07 of the Revised Code and any additional fee required by the nationwide mortgage licensing system and registry. (2) The application shall include ...

...l fitness command the confidence of the public and warrant the belief that the business will be operated honestly, fairly, and efficiently in compliance with the purposes of this chapter and the rules adopted thereunder. The superintendent shall not use a credit score or a bankruptcy as the sole basis for registration denial. (B) For purposes of determining whether an applicant that is a partnership, corporation, ...

... of the Revised Code shall designate an employee or owner of that registrant's business as the operations manager. The operations manager shall be responsible for the management, supervision, and control of a particular registrant. (B) To be eligible for such a designation, an employee or owner shall have at least three years of experience in the residential mortgage and lending field including experience as a mort...

...No person shall acquire, sell, transfer, or hypothecate any interest in a registrant, or an entity holding a letter of exemption issued under this chapter, or an applicant for a certificate of registration under this chapter in order to obfuscate or conceal the true ownership or control of the registrant, exemption holder, or applicant.

...(A) A registrant that is a corporation, limited liability company, partnership, trust, or other business entity or association shall notify the division of financial institutions of every sale, transfer, or hypothecation of any stock, security, membership, partnership, or other equitable, beneficial, or ownership interest in the entity or association, if the interest represents at least a five per cent membership, pa...

...through a computerized loan origination system recognized by the United States department of housing and urban development, shall be required to make only those disclosures under this chapter that apply to the portion of the transaction during which they have direct buyer contact, and shall be subject to all fair conduct and prohibition requirements in their dealing with buyers.

...proved by the superintendent concerning Ohio lending laws and the Ohio consumer sales practices act, Chapter 1345. of the Revised Code, as it applies to registrants and licensees. (2) If an applicant held a valid mortgage loan originator license issued by this state at any time during the immediately preceding five-year period, the applicant shall not be required to complete any additional pre-licensing instruction...

...l fitness command the confidence of the public and warrant the belief that the business will be operated honestly and fairly in compliance with the purposes of this chapter. The superintendent shall not use a credit score or bankruptcy as the sole basis for a license denial. (6) The applicant is in compliance with the surety bond requirements of section 1322.32 of the Revised Code. (7) The applicant has not had...

...ed by the nationwide mortgage licensing system and registry and administered by an approved test provider. (A) The test shall adequately measure the applicant's knowledge and comprehension in appropriate subject areas, including ethics, federal and state law related to mortgage origination, fraud, consumer protection, and the nontraditional mortgage marketplace, and fair lending issues. (B) An individual shall no...

...ed by the nationwide mortgage licensing system and registry based upon reasonable standards. (C) The following conditions shall apply to the continuing education required by this section: (1) An individual cannot take the same approved course in the same or successive years to meet the annual requirement for continuing education. (2) An individual can only receive credit for a continuing education course in the ye...

...ired by the national mortgage licensing system and registry, to the superintendent of financial institutions or may request the superintendent in writing to hold the license in escrow. Any licensee whose license is held in escrow shall cease activity as a mortgage loan originator. A licensee whose license is held in escrow shall be required to apply for renewal annually and to comply with the annual continuing educat...

...A registrant or entity holding a letter of exemption under this chapter may contract for and receive interest at any rate or rates agreed upon or consented to by the parties to the residential mortgage loan, but not exceeding an annual percentage rate of twenty-five per cent.

... any buyer injured by a violation by an employee of the registrant, mortgage loan originator employed by or associated with the registrant, or registrant of any provision of this chapter or any rule adopted thereunder. The aggregate liability of the corporate surety for any and all breaches of the conditions of the bond shall not exceed the penal sum of the bond. (2)(a) No licensee who is employed by or associated ...

...s of division of financial institutions employees who conduct the examination.

...No person, in connection with any examination or investigation conducted by the superintendent of financial institutions under this chapter, shall knowingly do any of the following: (A) Circumvent, interfere with, obstruct, or fail to cooperate, including making a false or misleading statement, failing to produce records, or intimidating or suborning any witness; (B) Tamper with, alter, or manufacture any evidence...

...n, to the nationwide mortgage licensing system and registry. (E)(1) Any confidentiality or privilege arising under federal or state law with respect to any information or material provided to the nationwide mortgage licensing system and registry shall continue to apply to the information or material after the information or material is provided to the nationwide mortgage licensing system and registry. The informatio...

...No registrant, licensee, or person required to be registered or licensed under this chapter, or individual disclosed in an application as required by this chapter, shall do any of the following: (A) Obtain a certificate of registration or mortgage loan originator license through any false or fraudulent representation of a material fact or any omission of a material fact required by state law, or make any substantia...

...(A) Except as otherwise provided in division (B) of this section, no registrant, or any member of the immediate family of an owner of a registrant, shall own or control a majority interest in an appraisal company. (B) Division (A) of this section shall not apply to any registrant, or any member of the immediate family of an owner of a registrant, who, on January 1, 2010, directly or indirectly owns or controls a maj...

...(A)(1) No registrant or licensee or person required to be registered or licensed under this chapter shall refer a buyer to any settlement service provider, including any title insurance company, that has an affiliated business arrangement with the registrant, licensee, or person without providing the buyer with written notice as required by rule adopted by the superintendent. (2) As used in division (A)(1) of this s...