Section 1322.07 | Mortgage broker certification of registration - loan officer license.
No registrant, licensee, person required to be registered or licensed under sections 1322.01 to 1322.12 of the Revised Code, or individual disclosed in an application as required by division (A)(2) of section 1322.03 of the Revised Code shall do any of the following:
(A) Obtain a mortgage broker certificate of registration or loan originator license through any false or fraudulent representation of a material fact or any omission 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 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 court;
(2) Being convicted of or pleading guilty or nolo contendere to any criminal offense involving theft, receiving stolen property, embezzlement, forgery, fraud, passing bad checks, money laundering, breach of trust, dishonesty, or drug trafficking, or any criminal offense involving money or securities, in a domestic, foreign, or military court;
(3) Having a mortgage broker certificate of registration or loan originator license, or any comparable authority, revoked in any governmental jurisdiction.
(E) Knowingly make, propose, or solicit fraudulent, false, or misleading statements on any mortgage loan document or on any document related to a mortgage loan, including a mortgage application, real estate appraisal, or real estate settlement or closing document. For purposes of this division, "fraudulent, false, or misleading statements" does not include mathematical errors, inadvertent transposition of numbers, typographical errors, or any other bona fide error.
(F) Knowingly instruct, solicit, propose, or otherwise cause a buyer to sign in blank a mortgage related document;
(G) Knowingly compensate, instruct, induce, coerce, or intimidate, or attempt to compensate, instruct, induce, coerce, or intimidate, a person licensed or certified under Chapter 4763. of the Revised Code for the purpose of corrupting or improperly influencing the independent judgment of the person with respect to the value of the dwelling offered as security for repayment of a mortgage loan;
(H) Promise to refinance a loan in the future at a lower interest rate or with more favorable terms, unless the promise is set forth in writing and is initialed by the buyer;
Available Versions of this Section
- December 28, 2009 – Senate Bill 124, 128th General Assembly [ View December 28, 2009 Version ]
- March 23, 2018 – House Bill 199, 132nd General Assembly [ View March 23, 2018 Version ]
- March 20, 2019 – Amended by House Bill 489, 132nd General Assembly [ View March 20, 2019 Version ]
- September 1, 2021 – Amended by House Bill 133, 134th General Assembly [ View September 1, 2021 Version ]