Ohio Revised Code Search

...(A) When a premium finance agreement contains a power of attorney authorizing the premium finance company to cancel any insurance contract or contracts listed in the agreement, the insurance contract or contracts shall not be cancelled by the premium finance company unless the cancellation is effectuated in accordance with this section. (B) Not less than ten days' written notice shall be mailed to the insured at his...

...(A) Whenever a financed insurance policy is cancelled, the insurer that has been notified pursuant to division (C) of section 1321.78 of the Revised Code shall, not later than sixty days after the date of cancellation, return whatever gross unearned premium is due under the insurance policy to the insurance premium finance company for the account of the insured or insureds. If the insurer returns the unearned premium...

...No filing provisions of Chapter 1309. of the Revised Code apply to insurance premium finance agreements, and no filing of the premium finance agreement is necessary to perfect the validity of such agreements as a secured transaction as against creditors, subsequent purchasers, pledgees, encumbrancers, trustees in bankruptcy or any other insolvency proceeding under any law, or their successors or assigns.

...On receipt of a notice pursuant to section 3123.43 of the Revised Code, the division of consumer finance shall comply with sections 3123.41 to 3123.50 of the Revised Code and any applicable rules adopted under section 3123.63 of the Revised Code with respect to a license, certificate, or permit issued pursuant to this chapter.

...(A) Whoever violates section 1321.02 of the Revised Code is guilty of a felony of the fifth degree. (B) Whoever violates section 1321.13 of the Revised Code shall be fined not less than one hundred nor more than five hundred dollars or imprisoned not more than six months, or both. (C) Whoever violates section 1321.14 of the Revised Code shall be fined not less than fifty nor more than two hundred dollars for a firs...

...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...

...This chapter does not apply to any of the following: (A) Any entity chartered and lawfully doing business under the authority of any law of this state, another state, or the United States as a bank, savings bank, trust company, savings and loan association, or credit union, or a subsidiary of any such entity, which subsidiary is regulated by a federal banking agency and is owned and controlled by a depository insti...

...(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...

...(A)(1) An application for a certificate of registration shall be in writing, under oath, and in a form prescribed by the superintendent of financial institutions that complies with the requirements 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...

...(A) Upon the conclusion of the investigation required under division (B) of section 1322.09 of the Revised Code, the superintendent of financial institutions shall issue a certificate of registration to the applicant if the superintendent finds that the following conditions are met: (1) The application is accompanied by the application fee and any fee required by the nationwide mortgage licensing system and regist...

...(A) Each registrant or entity holding a valid letter of exemption under division (B)(1) of section 1322.05 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 le...

...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...

...A person registered under this chapter solely to sell leads of potential buyers to residential mortgage lenders or mortgage brokers, or solely to match buyers with residential mortgage lenders or mortgage brokers 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 t...

...(A) An application for a license as a mortgage loan originator shall be in writing, under oath, and in a form prescribed by the superintendent of financial institutions that complies with the requirements of the nationwide mortgage licensing system and registry. The application shall be accompanied by a nonrefundable application fee of two hundred dollars and any additional fee required by the nationwide mortgage lic...

...(A) Upon the conclusion of the investigation required under division (C) of section 1322.20 of the Revised Code, the superintendent of financial institutions shall issue a mortgage loan originator license to the applicant if the superintendent finds that the following conditions are met: (1) The application is accompanied by the application fee and any fee required by the nationwide mortgage licensing system and r...

...Each applicant for a mortgage loan originator license shall submit to a written test that is developed and approved 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, consu...

...(A) Each licensee shall complete at least eight hours of continuing education every calendar year. To fulfill this requirement, the eight hours of continuing education must be offered in a course or program of study reviewed and approved by the superintendent of financial institutions. The course or program of study shall include all of the following: (1) Three hours of applicable federal law and regulations; (2) T...

...(A) A registrant or entity holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code shall supervise all business of a mortgage loan originator conducted at the principal office, any branch office, or other location used by the individual mortgage loan originator. (B) If a mortgage loan originator's employment or association is terminated for any reason, the licensee may reque...

...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.

...(A)(1) No registrant shall conduct business in this state, unless the registrant has obtained and maintains in effect at all times a corporate surety bond issued by a bonding company or insurance company authorized to do business in this state. The bond shall be in favor of the superintendent of financial institutions and in the penal sum of one-half per cent of the aggregate loan amount of residential mortgage loans...

...(A) As often as the superintendent of financial institutions considers it necessary, the superintendent may examine the records of a registrant or licensee or holder of a letter of exemption issued under this chapter, including all records created or processed by a licensee, pertaining to business transacted pursuant to this chapter. (B) A registrant or licensee shall maintain records pertaining to business transa...

...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...

...ation and material so provided may be released to any state or federal regulatory official with mortgage industry oversight authority without the loss of confidentiality or privilege protections provided by federal law or the law of any state. Information or material described in division (E)(1) of this section to which confidentiality or privilege applies shall not be subject to any of the following: (a) Disclosure...