Ohio Revised Code Search

...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.

...t loans will be made within a specified time after the loan application 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) ...

...n, "current" means within thirty days from the date of the occurrence of the event required to be recorded. A licensee shall keep and preserve the following records: (1) A sortable electronic spreadsheet that discloses the following fields of information: (a) Principal borrower's name; (b) Principal borrower's address or property address; (c) Loan or account number; (d) Type of the security for the loan; ...

...(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...

...any information leading to or arising from an examination; (b) Investigation information, and any information arising from or leading to an investigation. (2) The information described in division (A)(1) of this section shall remain confidential for all purposes except when it is necessary for the superintendent of financial institutions to take official action regarding the affairs of a licensee, or in connectio...

...estroy, or secrete any books, records, computer records, or other information; (C) Tamper with, alter, or manufacture any evidence.

...ding 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 November 30, 2016, pertaining to the maintenance, security, and disposal of consumer information and records.

...nduct or discontinuing business as a licensee, the licensee shall arrange for and be responsible for the preservation of the books and records required to be maintained and preserved under sections 1321.62 to 1321.702 of the Revised Code and shall notify the division of financial institutions in writing of the exact address where the books and records will be maintained during the required period.

...The superintendent of financial institutions may suspend, revoke, or refuse to renew any license issued by the superintendent under sections 1321.62 to 1321.702 of the Revised Code, or bring any other 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.

...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 processing costs shall be eleven dollars per hour per person, computed on the basis of two dollars and seventy-five cents per quarter hour or fraction thereof, and shall be limited to the total amount of personnel time spent in locating and ret...

...ce in any amount on any contract at any time, but the licensee may apply the payment first to interest and charges due up to the date of payment; (3) Notify the borrower in writing of any interest rate change at least thirty but not more than one hundred twenty days prior to the effective date of the changes, provided that if the interest rate is tied to a published and verifiable index and the contractual rate of ...

...account of any interest- bearing or precomputed loan.

...e written notice to the borrower at the time the loan is made. The notice shall disclose the borrower's right to cancel the insurance within twenty-five days after the purchase of the insurance with a full refund of the premium or identifiable charge for the insurance. The notice shall further disclose that the cancellation may be effected upon the written request of the borrower together with the return of the polic...

...02 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 other business is of such a nature that the conduct tends to conceal evasion of section...

...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: "This loan is governed by, and made pursuant to, the provisions of the Ohio Consumer Installment Loan Act under R.C. 1321.6...

...d. (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 considered one-twelfth of a year, and a day is considered one three hundred sixty-fifth of a year when calculation is made for a fraction of a month. A year is as defined in section 1.44 of the Revised Code. A month is that period described in section 1.45 of t...

... does not vary by more than four days from such date. (B) A licensee may make open-end loans pursuant to an agreement between the licensee and the borrower whereby: (1) The licensee may permit the borrower to obtain advances of money from the licensee from time to time or the licensee may advance money on behalf of the borrower from time to time as directed by the borrower. (2) The amount of each advance and pe...

...l not induce or permit any person to become obligated to the licensee under sections 1321.62 to 1321.702 of the Revised Code, directly or contingently, 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...

...lected by the employee that is not a licensed place of business. (B) Notwithstanding any provision of the Revised Code to the contrary, nothing in sections 1321.62 to 1321.702 of the Revised Code shall be construed to interfere with the ability of a licensee's employee to work from a remote location, provided the licensee does all of the following: (1) Ensures that in-person customer interactions are conducted on...

... it finds a violation of or failure to comply with any provision of sections 1321.62 to 1321.702 of the Revised Code or the rules adopted thereunder, any federal lending law, or any other law applicable to the business conducted under a license. (B) In addition to, or in lieu of, any revocation, suspension, or denial, the division may impose a monetary fine after administrative hearing or in settlement of matters s...

...eral and, within a reasonable period of time, the attorney general has not agreed to bring the action. (B) These powers of the attorney general shall be in addition to any other applicable powers of the attorney general.

...The superintendent of financial institutions may adopt, in accordance with Chapter 119. of the Revised Code, rules that are necessary for the enforcement of sections 1321.62 to 1321.702 of the Revised Code and that are consistent with those sections. Each rule shall contain a reference to the section, division, or paragraph of the Revised Code to which it applies. The superintendent shall send by regular mail to each...

...basis. (B) "Insurance premium finance company" or "premium finance company" means a person engaged in the business of entering into or otherwise acquiring premium finance agreements. (C) "Person" means any individual, partnership, association, trust, corporation, or other legal entity. (D) "Premium finance agreement" means an agreement by which an insured or prospective insured promises to pay a premium finance co...

...nsurance in connection with any installment transaction pursuant to Chapter 1317. of the Revised Code; (C) The financing of insurance premiums at a rate of interest not exceeding the maximum rate permitted by section 1343.01 of the Revised Code; (D) Persons lawfully doing business under the authority of any law of this state, another state, or the United States relating to banks, savings banks, trust companies, sav...

...sion requires. The division may, at any time, require the applicant to fully disclose the identity of all stockholders, partners, officers, and employees, and it may, at its discretion, refuse to issue or renew a license in the name of any firm, partnership, or corporation if it is not satisfied that any officer, employee, stockholder, or partner thereof, who may materially influence the applicant's conduct, meets th...