Ohio Revised Code Search

...(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...

...ble 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 the names and addresses of the owners, officers, or partners having control of the applicant, including all of th...

...he application fee and a one-hundred-dollar penalty to the superintendent. If the applicant does not submit the application fee and penalty within that time period, or if any check or other draft instrument used to pay the fee or penalty is returned to the superintendent for insufficient funds, the application shall be withdrawn. (b) If a check or other draft instrument is returned to the superintendent for insuff...

...t, 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 mortgage loan originator, registered mortgage loan originator, or other experience related to the business of residential mortgage lending that the superintendent determines is suf...

...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...

...dable application fee of two hundred dollars and any additional fee required by the nationwide mortgage licensing system and registry. (B)(1) The application shall provide evidence, acceptable to the superintendent, that the applicant has successfully completed at least twenty-four hours of pre-licensing instruction consisting of all of the following: (a) Twenty hours of instruction in an approved education cours...

...he application fee and a one-hundred-dollar penalty to the superintendent. If the applicant does not submit the application fee and penalty within that time period, or if any check or other draft instrument used to pay the fee or penalty is returned to the superintendent for insufficient funds, the application shall be withdrawn. (b) If a check or other draft instrument is returned to the superintendent for insuff...

...as, 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 not be considered to have passed the written test unless the individual answers at least seventy-five per cent of the questions correctly. (C) An individual may retake the test three consecutive times provided the perio...

...ed mortgages, as defined in 12 C.F.R. 10lass='keyword-hit'>lass='keyword-hit'>26.43, or the nontraditional mortgage product marketplace. (B) Continuing education courses shall be reviewed and approved 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...

...er application, along with a fifteen-dollar fee and any fee required 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 ...

...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.

...exceeding one hundred fifty thousand dollars. Under no circumstances, however, shall the bond for mortgage lenders and mortgage brokers be less than fifty thousand dollars and an additional penal sum of ten thousand dollars for each location, in excess of one, at which the registrant conducts business. The bond amount for registrants that engage exclusively in the business of mortgage servicing shall be a minimum of ...

...cluding the proportionate cost of the salaries of division of financial institutions employees who conduct the examination.

...e; (C) Withhold, abstract, remove, mutilate, destroy, or secrete any books, records, computer records, or other information.

...ng with other financial institution regulatory authorities information relating to registrants and licensees. For this purpose, a "financial institution regulatory authority" includes a regulator of a business activity in which a registrant or licensee is engaged, or has applied to engage in, to the extent that the regulator has jurisdiction over a registrant or licensee engaged in that business activity. A registran...

...on of a material fact required by state law, or make any substantial misrepresentation in any registration or license application; (B) Make false or misleading statements of a material fact, omissions of statements required by state or federal law, or false promises regarding a material fact, through advertising or other means, or engage in a continued course of misrepresentations; (C) Engage in conduct that const...

...lty or nolo contendere to a criminal violation of this chapter or any criminal offense described in division (A)(1)(b) of section 1322.50 of the Revised Code, the superintendent of financial institutions may, in addition to any of the actions authorized under section 1322.50 of the Revised Code, order the registrant or members of the immediate family of an owner of a registrant to divest their interest in the company...

...has either of the following financial relationships with the appraisal company: (1) An ownership or investment interest in the company, whether through debt, equity, or other means; (2) Any compensation arrangement involving any remuneration, directly or indirectly, overtly or covertly, in cash or in kind. (C) No registrant or licensee shall knowingly enter into an arrangement or scheme, including a cross-referral...

...sonable procedures designed to avoid violations of any provision of this chapter or the rules adopted under this chapter, or violations of applicable state and federal consumer and lending laws or rules, by mortgage loan originators or any other person associated with the registrant or entity. (B) No registrant or entity holding a letter of exemption issued under this chapter shall: (1) Receive, directly or indir...

...ies imposed by other statutes or common law, shall do all of the following: (1) Safeguard and account for any money handled for the buyer; (2) Follow reasonable and lawful instructions from the buyer; (3) Act with reasonable skill, care, and diligence; (4) Act in good faith and with fair dealing in any transaction, practice, or course of business in connection with the brokering or originating of any residential ...

...registrant shall comply with 12 C.F.R. 2lass='keyword-hit'>lass='keyword-hit'>26.16, as amended.

... finds any of the following: (a) A violation of or failure to comply with any provision of this chapter or the rules adopted under this chapter, federal lending law, or any other law applicable to the business conducted under a certificate of registration or license; (b) A conviction of or guilty or nolo contendere plea to a felony in a domestic, foreign, or military court; (c) A conviction of or guilty or nolo...

...On receipt of a notice pursuant to section 3123.43 of the Revised Code, the division of financial institutions 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 certificate or license issued pursuant to this chapter.