Ohio Revised Code Search

...ly, a residential mortgage lending transaction. (C) "Application" has the same meaning as in 12 C.F.R. 1026.2(a)(3). (D) "Approved education course" means any course approved by the nationwide mortgage licensing system and registry. (E) "Approved test provider" means any test provider approved by the nationwide mortgage licensing system and registry. (F) "Bona fide nonprofit organization" means an organizatio...

...Fair Enforcement for Mortgage Licensing Act of 2008," 122 Stat. 2810, 12 U.S.C. 5101. Rules authorized by this section shall be adopted in accordance with Chapter 119. of the Revised Code.

...pliance with the "Fair Credit Reporting Act," 84 Stat. 1128, 15 U.S.C. 1681a, as amended; (C) Any political subdivision, or any governmental or other public entity, corporation, instrumentality, or agency, in or of the United States or any state; (D) A college or university, or controlled entity of a college or university, as those terms are defined in section 1713.05 of the Revised Code; (E) Any entity created...

...tion is approved, a felony involving an act of fraud, dishonesty, a breach of trust, theft, or money laundering. (c) That, with respect to financing residential mortgage loans, the organization or institution conducts business with residents of this state or secures its loans with property located in this state. (4) The names of all mortgage loan originators or licensees under the organization's or institution's co...

... 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 as a mortgage lender, mortgage servicer, or mortgage broker in th...

...nt or more of any entity that will transact business under the certificate of registration. (3) In addition to any information required by this section, an applicant shall furnish to the superintendent any reasonable information the superintendent may require. (B) Upon the filing of the application and payment of the nonrefundable application fee and any fee required by the nationwide mortgage licensing system an...

...hearing, and the registrant shall cease activity as a mortgage broker, mortgage lender, or mortgage servicer. (2) If the application is for a location that is a residence, evidence that the use of the residence to transact business as a mortgage lender, mortgage broker, or mortgage servicer is not prohibited. (3) The applicant maintains all necessary filings and approvals required by the secretary of state. ...

...tendent determines is sufficient. While acting as the operations manager, the employee or owner shall be licensed as a mortgage loan originator under this chapter and shall not be employed by any other mortgage lender, mortgage broker, or mortgage servicer. (C) If the person designated as the operations manager pursuant to this section ceases to be the operations manager, the registrant shall do all of the followi...

...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.

...ion 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 Revised Code. If such a fact or condition is found, the division may, in accordance with Chapter 119. of the Revised Code, revoke the registrant's c...

...r 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.

...a hearing, and the licensee shall cease activity as a loan originator. (2) The applicant has not made a material misstatement of fact or material omission of fact in the application. (3) The applicant has not been convicted of or pleaded guilty or nolo contendere to a disqualifying offense as determined in accordance with section 9.79 of the Revised Code. (4) The applicant completed the prelicensing instruct...

...Each applicant for a mortgage loan originator license shall submit to a written test that is developed and approved 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, consu...

...(A) Each licensee shall complete at least eight hours of continuing education every calendar year. To fulfill this requirement, the eight hours of continuing education must be offered in a course or program of study reviewed and approved by the superintendent of financial institutions. The course or program of study shall include all of the following: (1) Three hours of applicable federal law and regulations; (2) T...

...e 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 renewal annually and to comply with the annual continuing education requirement. (C) A registrant may employ or be associated with a mortgage loan originator on a temporary basis pending the transfer of the mortgage loan originator's license to the registrant, if ...

...f 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.

...superintendent by certified mail of any action that is brought by a buyer against the registrant, mortgage loan originator, or employee alleging injury by a violation of any provision of this chapter or any rule adopted thereunder, and of any judgment that is entered against the registrant, mortgage loan originator, or employee by a buyer injured by a violation of any provision of this chapter or any rule adopted the...

...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 as a mortgage...

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

...financial institutions to take official action regarding the affairs of a registrant or 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 numbe...

...itutions 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.

...(A)(1) No registrant or licensee or person required to be registered or licensed under this chapter shall refer a buyer to any settlement service provider, including any title insurance 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 s...

...rty with a related interest in the transaction, including a home improvement builder, real estate developer, or real estate 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 tran...

...(A) A registrant or mortgage loan originator shall disclose in any printed, televised, broadcast, electronically transmitted, or published advertisement relating to the registrant's or mortgage loan originator's services, including on any electronic site accessible through the internet, the business name of the registrant or mortgage loan originator and the unique identifier of the registrant or mortgage loan origina...

... for an order enjoining any person from acting as a mortgage lender, mortgage servicer, mortgage broker, registrant, mortgage loan originator, or licensee in violation of division (A) or (B) of section 1322.07 of the Revised Code, and may seek and obtain civil penalties for unregistered or unlicensed conduct of not more than five thousand dollars per violation. (C) In conducting any investigation pursuant to this s...