Ohio Revised Code Search

...mployee 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 least three years of experience in the residential mortgage and lending field including experience as a mortgage loan originator, registered mortgage...

... 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.

...uires or otherwise receives an interest described in division (A) of this section is subject to this chapter. The division may make any investigation necessary to determine whether any fact or condition exists that, if it had existed at the time of the original application for a certificate of registration, the fact or condition would have warranted the division to deny the application under section 1322.10 of the R...

...d by the United States department of housing and urban development, shall be required to make only those disclosures under this chapter that apply to the portion of the transaction during which they have direct buyer contact, and shall be subject to all fair conduct and prohibition requirements in their dealing with buyers.

...rements 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 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-licens...

...equired by the nationwide mortgage licensing system and registry. (a) If a check or other draft instrument is returned to the superintendent for insufficient funds, the superintendent shall notify the applicant by certified mail, return receipt requested, that the application will be withdrawn unless the applicant, within thirty days after receipt of the notice, submits the application fee and a one-hundred-dollar...

...pproved 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, consumer protection, and the nontraditional mortgage marketplace, and fair lending issues. (B) An individual sha...

...pproved 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 successive years to meet the annual requirement for continuing education. (2) An individual can only receive credit for a continuing education course in t...

... 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 request the transfer of the license to another registrant by submitting a transfer application, along with a fi...

... 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.

...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 originated in the immediately preceding calendar year, but not 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 additi...

...rocessed by a licensee, pertaining to business transacted pursuant to this chapter. (B) A registrant or licensee shall maintain records pertaining to business transacted pursuant to this chapter for four years. For purposes of this division, "registrant or licensee" includes any person whose certificate of registration or license is cancelled, surrendered, or revoked or who otherwise ceases to engage in business a...

...nvestigation 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; (C) Withhold, abstract, remove, mutilate, destr...

...n, and 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 registrant or licens...

...garding a material fact, through advertising or other means, or engage in a continued course of misrepresentations; (C) Engage in conduct that constitutes improper, fraudulent, or dishonest dealings; (D) Fail to notify the division of financial institutions within thirty days after any of the following: (1) Being convicted of or pleading guilty or nolo contendere to a felony in a domestic, foreign, or military co...

...(A) Except as otherwise provided in division (B) of this section, no registrant, or any member of the immediate family of an owner of a registrant, shall own or control a majority interest in an appraisal company. (B) Division (A) of this section shall not apply to any registrant, or any member of the immediate family of an owner of a registrant, who, on January 1, 2010, directly or indirectly owns or controls a maj...

...rance company, that has an affiliated business arrangement with the registrant, licensee, or person without providing the buyer with written notice as required by rule adopted by the superintendent. (2) As used in division (A)(1) of this section, "affiliated business arrangement" has the same meaning as in 12 U.S.C. 2602. (B) No registrant or licensee shall refer a buyer to an appraisal company, if the registrant o...

... broker or agent, for the referral of business. (C)(1) Notwithstanding any provision of this chapter to the contrary, a registrant or entity holding a letter of exemption under this chapter may allow a mortgage loan originator or any other person associated with the registrant or entity to transact business on behalf of the registrant or entity from a location other than the registrant's or entity's principal offic...

...y transaction, practice, or course of business in connection with the brokering or originating of any residential mortgage loan; (5) Make reasonable efforts to secure a residential mortgage loan, from lenders with whom the registrant, licensee, or person regularly does business, with rates, charges, and repayment terms that are advantageous to the buyer. (B) Division (A) of this section shall not apply to wholesale...

...ortgage loan originator and the unique identifier of the registrant or mortgage loan originator. (B) In making any advertisement, a registrant shall comply with 12 C.F.R. 226.16, as amended.

...w, 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 contendere plea to any criminal offense involving theft, receiving stolen property, embezzlement, forgery, fraud, passing bad checks, money laundering, breach of tr...

...ant 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.

...comply with any provision of or duty arising under an agreement with a buyer or lender under this chapter, or for violating any other provision of state or federal law. (G) A buyer injured by a violation of any of the sections specified in division (A)(1) of this section is precluded from recovering any damages, plus reasonable attorney's fees and costs, if the buyer has also recovered any damages in a cause of act...

... and Fair Enforcement for Mortgage Licensing Act of 2008," 122 Stat. 2810, 12 U.S.C. 5101, as amended, is modified after October 16, 2009, or any regulation, statement, or position is adopted under that act, and the item modified or adopted affects any matter within the scope of this chapter, the superintendent of financial institutions may by rule adopt a similar provision. (B) The superintendent shall adopt the ...

...rements of the nationwide mortgage licensing system and registry, including requirements pertaining to all of the following: (A) Payment of nonrefundable fees to apply for, maintain, and renew licenses through the nationwide mortgage licensing system and registry; (B) Renewal or reporting dates; (C) Procedures to amend or to surrender a license; (D) Any other activity necessary for participation in the nation...