Ohio Revised Code Search

...ial 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 the superintendent the superintendent's estimate of the cost of the on-site examination, with any unconsumed portion to be ret...

...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 ...

...F) of this section, no person, alone or acting in concert with other persons, shall, directly or indirectly, acquire control of a licensee without the prior approval of the superintendent of financial institutions. (B) A person or group of persons proposing to acquire control of a licensee shall submit an application for the superintendent's approval in the form prescribed by the superintendent. (C)(1) The superint...

... 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 applicant or applicants seeking to acquire control of a licensee and the applicant's or applicants' general fitness to operate the ...

...t 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) The duties and resp...

...eputy or examiner appointed or any contractor engaged by the superintendent for that 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...

... 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...

... director of commerce to enable 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 coun...

...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.

...Code, or under an order or supervisory action issued or taken under those sections, for a person to serve as an organizer, incorporator, director, executive 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...

...out to engage in an unsafe or unsound practice in conducting the business of transmitting money. (2) The licensee or other person is violating, has violated, or, the superintendent has reasonable cause to believe, is about to violate any of the following: (a) A law or rule; (b) A condition imposed in writing by the superintendent in connection with granting an application or other request by the licensee or other ...

...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 take steps that the superintendent considers necessary to remedy the deficiency. (3) The li...

...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...

...d upon publication or completion of the act reasonably calculated to give notice with respect to division (A)(6) of this section. (C) Fees for service of a notice, subpoena, or order described in division (A) of this section shall be paid from amounts appropriated to the division of financial institutions for that purpose.

...ision, which shall include findings of fact upon which the decision is predicated, and shall issue and serve on the licensee or other person the decision and an order consistent with the decision. Judicial review of the order exclusively is as provided in division (B) of this section. Unless a notice of appeal is filed within thirty days after service of the superintendent's order as provided in division (B) of ...

...Require the sale of the licensee's contracts for continuing services or require the licensee's termination of those contracts with compensation to the customers for loss of the services. (C) No licensee shall fail to comply with this section.

...As used in sections 1315.21 to 1315.30 of the Revised Code: (A) "Check" means any check, draft, money order, or other instrument for the transmission or payment of money. "Check" does not include a travelers check. (B) "Check-cashing business" means any person that engages in the business of cashing checks for a fee. "Check-cashing business" does not include any of the following: (1) A licensee as defined in secti...