Effective: September 1, 2021 Latest Legislation: House Bill 133 – 134th General Assembly As used in this chapter: (A) “Administrative or clerical tasks” mean the receipt, collection, and distribution of information common for the processing or underwriting of a loan in the mortgage industry, and communication with a consumer to obtain information necessary for the […]
Effective: September 1, 2021 Latest Legislation: House Bill 133 – 134th General Assembly The superintendent of financial institutions may, by rule, amend the definition of mortgage loan originator, mortgage broker, mortgage lender, mortgage servicer, or any other definition in section 1322.01 of the Revised Code, or the criteria for an entity to obtain a letter […]
Effective: September 1, 2021 Latest Legislation: House Bill 133 – 134th General Assembly This chapter does not apply to any of the following: (A) Any entity chartered and lawfully doing business under the authority of any law of this state, another state, or the United States as a bank, savings bank, trust company, savings and […]
Effective: March 23, 2018 Latest Legislation: House Bill 199 – 132nd General Assembly (A) A credit union service organization or depository institution seeking exemption from registration pursuant to division (H) or (I) of section 1322.04 of the Revised Code or rules adopted by the superintendent in accordance with section 1322.02 of the Revised Code shall […]
Effective: September 1, 2021 Latest Legislation: House Bill 133 – 134th General Assembly (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 […]
Effective: September 30, 2021 Latest Legislation: House Bill 110 – 134th General Assembly (A)(1) An application for a certificate of registration shall be in writing, under oath, and in a form prescribed by the superintendent of financial institutions that complies with the requirements of the nationwide mortgage licensing system and registry. The application shall be […]
Effective: October 9, 2021 Latest Legislation: House Bill 110 – 134th General Assembly (A) Upon the conclusion of the investigation required under division (B) of section 1322.09 of the Revised Code, the superintendent of financial institutions shall issue a certificate of registration to the applicant if the superintendent finds that the following conditions are met: […]
Effective: September 1, 2021 Latest Legislation: House Bill 133 – 134th General Assembly (A) Each registrant or entity holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code shall designate an employee or owner of that registrant’s business as the operations manager. The operations manager shall be responsible for […]
Effective: September 1, 2021 Latest Legislation: House Bill 133 – 134th General Assembly 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 […]
Effective: March 23, 2018 Latest Legislation: House Bill 199 – 132nd General Assembly (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 […]
Effective: March 23, 2018 Latest Legislation: House Bill 199 – 132nd General Assembly 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 […]
Effective: September 30, 2021 Latest Legislation: House Bill 110 – 134th General Assembly (A) An application for a license as a mortgage loan originator shall be in writing, under oath, and in a form prescribed by the superintendent of financial institutions that complies with the requirements of the nationwide mortgage licensing system and registry. The […]
Effective: October 9, 2021 Latest Legislation: House Bill 110 – 134th General Assembly (A) Upon the conclusion of the investigation required under division (C) of section 1322.20 of the Revised Code, the superintendent of financial institutions shall issue a mortgage loan originator license to the applicant if the superintendent finds that the following conditions are […]
Effective: March 23, 2018 Latest Legislation: House Bill 199 – 132nd General Assembly 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 […]
Effective: March 23, 2018 Latest Legislation: House Bill 199 – 132nd General Assembly (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 […]
Effective: September 1, 2021 Latest Legislation: House Bill 133 – 134th General Assembly (A) A registrant or entity holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code shall supervise all business of a mortgage loan originator conducted at the principal office, any branch office, or other location used […]
Effective: September 1, 2021 Latest Legislation: House Bill 133 – 134th General Assembly 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 […]
Effective: September 1, 2021 Latest Legislation: House Bill 133 – 134th General Assembly (A)(1) No registrant shall conduct business in this state, unless the registrant has obtained and maintains in effect at all times a corporate surety bond issued by a bonding company or insurance company authorized to do business in this state. The bond […]
Effective: September 1, 2021 Latest Legislation: House Bill 133 – 134th General Assembly (A) As often as the superintendent of financial institutions considers it necessary, the superintendent may examine the records of a registrant or licensee or holder of a letter of exemption issued under this chapter, including all records created or processed by a […]
Effective: March 23, 2018 Latest Legislation: House Bill 199 – 132nd General Assembly No person, in connection with any examination or investigation 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, […]
