Ohio Revised Code Search

...tutions shall investigate the relevant facts. If the application involves investigation outside this state, the applicant may be required by the division to advance sufficient funds to pay any of the actual expenses of the investigation when it appears that these expenses will exceed two hundred dollars. An itemized statement of any of these expenses which the applicant is required to pay shall be furnished to the ap...

...(A) A license issued under section 1321.64 of the Revised Code may be renewed annually on or before the thirty-first day of December by submitting a renewal application in the form prescribed by the superintendent of financial institutions. The application shall be accompanied by a nonrefundable renewal fee of three hundred dollars, any assessment as determined by the superintendent pursuant to division (B) of this s...

...ion necessary to determine whether any fact or condition exists that, if it had existed at the time of the original application for a license, the fact or condition would have warranted the division to deny the application under section 1321.64 of the Revised Code. (B) A licensee shall give the superintendent of financial institutions sixty days prior written notice before there is a change of fifty per cent or mo...

...(A)(1) Not more than one place of business shall be maintained under the same license, but the superintendent of financial institutions may issue additional licenses to the same licensee upon compliance with sections 1321.62 to 1321.702 of the Revised Code. (2) Each licensed place of business shall be located in a state. (B)(1) When a licensee wishes to change its place of business, it shall give at least fifteen...

...No person engaged in the business of selling tangible goods or services related to tangible goods may receive or retain a license under sections 1321.62 to 1321.702 of the Revised Code for such place of business.

...Each licensee that conducts business under sections 1321.62 to 1321.702 of the Revised Code shall maintain both of the following: (A) A net worth of at least fifty thousand dollars; (B) For each license, assets of at least fifty thousand dollars either in use or readily available for use in the conduct of the business.

...is received, unless it is the general practice of the licensee to make loans within the specified time. (F) A licensee shall not advertise special terms, reduced rates, reduced payments, or any other special feature of a loan within a specified limited time, unless the advertisement clearly states any limitations that apply to the offer. (G) A licensee shall not advertise by the use of unqualified superlatives, i...

...t; (l) Number of payments; (m) Contractual rate of interest; (n) Federal annual percentage rate; (o) Payment amount; (p) Types and amounts of credit-related insurance; (q) Default charge; (r) Check collection charge; (s) Any points charged to the borrower; (t) Any charges for prepayment of the loan. (2) Payment histories for each outstanding loan and each loan paid in full that shall disclose all ...

...(A) Each licensee shall submit to the NMLSR call reports or other reports of condition, which reports shall be in such form and shall contain such information as the NMLSR may require. (B)(1) As required by the superintendent of financial institutions, each licensee shall file with the division of financial institutions an annual report under oath or affirmation, on forms supplied by the division, concerning the bu...

...financial institutions to take official action regarding the affairs of a licensee, or in connection with criminal or civil proceedings to be initiated by a prosecuting attorney or the attorney general. This information may also be introduced into evidence or disclosed when and in the manner authorized by section 1181.25 of the Revised Code. (B) All application information, except social security numbers, employer ...

...rning any witness; (B) Withhold, abstract, remove, mutilate, destroy, or secrete any books, records, computer records, or other information; (C) Tamper with, alter, or manufacture any evidence.

...s of the "Fair and Accurate Credit Transactions Act of 2003," 117 Stat. 1952 (amended 2010), 15 U.S.C. 1681w, as in effect on November 30, 2016, the "Gramm Leach Bliley Act," 113 Stat. 1138 (1999) (amended 2010), 15 U.S.C. 6801, as in effect on November 30, 2016, including those federal acts as amended from time to time and the rules promulgated pursuant to those federal acts, including 16 C.F.R. 682, as in effect ...

...ancial institutions in writing of the exact address where the books and records will be maintained during the required period.

...r authorized administrative enforcement action in accordance with section 1321.70 of the Revised Code, against any person for failure to maintain records in accordance with section 1321.66 of the Revised Code.

... records shall pay the licensee for all actual and necessary costs directly incurred in searching for, reproducing, or transporting those records according to the following schedule: (1) Reimbursement of search and processing costs shall be the total amount of personnel direct time incurred in locating and retrieving, reproducing, packaging, and preparing financial records for shipment. The rate for search and proc...

...ligor or obligors, unless the loan contract is not executed by signature, in which case the loan is considered closed upon disbursement of loan funds. (B) All loans made under sections 1321.62 to 1321.702 of the Revised Code by direct mail shall be made from a place of business for which the licensee holds a valid license. (C) Licensees have an ongoing duty to notify the division of financial institutions of mate...

...(A) Upon repayment of the loan in full, the original note signed by any obligor or copy, photograph, or stored representation of the original note as retained in accordance with section 1321.66 of the Revised Code shall be plainly marked "paid" or "canceled" and the note or the reproduction of the note shall be returned to the obligor or, if there are two or more obligors, to one of them. (B) If requested, the lic...

... of the Revised Code. (D) In any transaction in which the licensee furnishes or places insurance on behalf of the borrower at the borrower's expense, the licensee shall, prior to furnishing or placing the insurance, provide written disclosure to the borrower of the business relationship, beneficial ownership or affiliation, whether direct or indirect, between the licensee and the insurer.

...No licensee shall conduct the business of making loans under sections 1321.62 to 1321.702 of the Revised Code in any office, room, or place of business in which any other business is solicited or engaged in, or in association or conjunction with any other such business, if the superintendent of financial institutions finds, pursuant to a hearing conducted in accordance with Chapter 119. of the Revised Code, that the ...

...of interest applicable to any loan transaction that does not comply with section 1321.68 of the Revised Code shall be the rate that would be applicable in the absence of sections 1321.62 to 1321.702 of the Revised Code. ( B) Any extension of credit under sections 1321.62 to 1321.702 of the Revised Code shall include a notice in at least ten point type at the bottom of the first page of any loan agreement to read: "...

...(A) A licensee may contract for and receive interest, calculated according to the actuarial method, at a rate or rates not exceeding twenty-five per cent per year on the unpaid principal balances of the loan. Loans may be interest-bearing or precomputed. (B) For purposes of computation of time on interest-bearing and precomputed loans, including, but not limited to, the calculation of interest, a month is considere...

...he agreement. (C) A licensee may contract for and receive interest for open-end loans at a rate or rates not exceeding twenty-eight per cent per year and may compute interest in each billing cycle by either of the following methods: (1) By multiplying the daily rate by the daily unpaid balance of the account, in which case the daily rate is determined by dividing the annual rate by three hundred sixty- five; (2...

...ntly, or both, under more than one contract of loan at the same time for the purpose or with the result of obtaining greater charges than would otherwise be permitted by sections 1321.62 to 1321.702 of the Revised Code. (C) A licensee shall not fail to provide information regarding the amount required to pay in full a loan made under sections 1321.62 to 1321.702 of the Revised Code within five business days after t...

...1) Ensures that in-person customer interactions are conducted only at a licensed place of business; (2) Maintains appropriate safeguards for licensee and consumer data, information, and records, including the use of secure virtual private networks where appropriate; (3) Employs appropriate risk-based monitoring and oversight processes of work performed from a remote location and maintains records of such work; ...

...o the licensee stating the contemplated action, the grounds for the action, and the licensee's reasonable opportunity to be heard on the action in accordance with Chapter 119. of the Revised Code, revoke, suspend, or refuse to renew any license issued under sections 1321.62 to 1321.702 of the Revised Code if it finds a violation of or failure to comply with any provision of sections 1321.62 to 1321.702 of the Revised...