Ohio Revised Code
Chapter 1315 | Transmitters of Money; Check-Cashing Businesses
Section 1315.04 | Determination on Application - Conditional Approval.

Effective: October 9, 2021
Latest Legislation: House Bill 263 - 133rd General Assembly
(A)(1) After accepting an application for a money transmitter license described in section 1315.03 of the Revised Code, the superintendent of financial institutions shall examine all the facts and circumstances relating to the application.
(2) At the applicant's expense, the superintendent may conduct an on-site examination of the applicant's books, records, and operations. If the superintendent requests, the applicant shall advance to the superintendent the superintendent's estimate of the cost of the on-site examination, with any unconsumed portion to be returned to the applicant.
(3) The applicant shall pay the cost of its examination described in division (A) of this section, or any balance of the cost of its examination in the case of an applicant that advanced the estimated cost of its examination, within fourteen days after receiving an invoice for payment.
(B) In making a determination on an application described in division (A)(1) of this section, the superintendent shall consider all of the following:
(1) The applicant's financial condition;
(2) The applicant's business practices;
(3) The applicant's and its directors', executive officers', and controlling persons' experience, competence, and history of compliance with applicable laws.
(C) The superintendent shall not approve an application described in division (A)(1) of this section if the applicant does not meet both of the following requirements:
(1) The applicant is a legally established business entity that is capitalized separately and distinctly from every other legal entity and is qualified to do business in this state.
(2) The applicant has a minimum net worth of not less than five hundred thousand dollars, calculated according to generally accepted accounting principles, but excluding any assets that the superintendent disqualifies and including any off-balance sheet liabilities that the superintendent requires.
(D)(1) In approving an application for a money transmitter license, the superintendent may impose any condition the superintendent determines to be appropriate.
(2) When an applicant has satisfied all prior conditions imposed by the superintendent in approving the applicant's application for a money transmitter license and has provided a security device as required by section 1315.07 of the Revised Code, the superintendent shall issue the applicant a money transmitter license. A license issued pursuant to this section remains in force and effect until surrendered by the licensee pursuant to section 1315.18 of the Revised Code or suspended or revoked by the superintendent pursuant to section 1315.151 of the Revised Code.
(E) On or before the first day of July of each year, each licensee shall pay to the superintendent an annual fee for carrying on the business as a money transmitter, which fee is established by the superintendent pursuant to division (B) of section 1315.13 of the Revised Code.
Last updated October 9, 2021 at 5:31 AM

Structure Ohio Revised Code

Ohio Revised Code

Title 13 | Commercial Transactions

Chapter 1315 | Transmitters of Money; Check-Cashing Businesses

Section 1315.01 | Transmitters of Money Definitions.

Section 1315.02 | Recipient of Money to Be Licensed or Authorized.

Section 1315.03 | Application for Money Transmitter License - Confidentiality.

Section 1315.04 | Determination on Application - Conditional Approval.

Section 1315.05 | Continuing Duties of Licensees.

Section 1315.06 | Minimum Amount of Permissible Investments.

Section 1315.07 | Satisfactory Security Device Maintained.

Section 1315.08 | Quarterly Reports - Annual Financial Statements.

Section 1315.081 | Written Report of Specified Events.

Section 1315.09 | Records Required to Be Kept.

Section 1315.10 | Application for Approval of Control Acquisition.

Section 1315.101 | Approval of Application for Control Acquisition.

Section 1315.11 | Conduct of Activities Through Authorized Delegate.

Section 1315.12 | Examination of Records and Affairs of Licensee.

Section 1315.121 | Administrative Powers of Superintendent.

Section 1315.122 | Examination Information Privileged and Confidential.

Section 1315.13 | Superintendent to Establish Fees.

Section 1315.14 | Implementing Rules.

Section 1315.141 | Criminal Records Check to Be Requested by Superintendent.

Section 1315.15 | Notice of Charges - Cease and Desist Order.

Section 1315.151 | Suspension or Revocation of License.

Section 1315.152 | Civil Penalties for Violation or Breach.

Section 1315.153 | Injunctive Relief for Violation of Rc 1315.02.

Section 1315.16 | Enforcement Powers of Superintendent.

Section 1315.161 | Service of Notice, Subpoena, or Order.

Section 1315.17 | Administrative Hearing - Judicial Review - Enforcement of Order.

Section 1315.18 | Termination of Business - Approval of Plan - Implementation.

Section 1315.21 | Check-Cashing Businesses Definitions.

Section 1315.22 | Application for License to Operate Check-Cashing Business.

Section 1315.23 | Investigation of Applicant for License - Issuance or Renewal of License - Hearing Prior to Suspension, Revocation or Refusal of License.

Section 1315.24 | Investigation of Violations - Hearings - Injunctive Relief.

Section 1315.25 | Conditions for Deposit of Checks Into Financial Institution.

Section 1315.26 | Limitations on Fees and Charges.

Section 1315.27 | Rules.

Section 1315.28 | Prohibited Acts - Damages for Violation.

Section 1315.30 | State to Solely Regulate Check-Cashing Business.

Section 1315.51 | Transaction Reporting, Money Laundering Definitions.

Section 1315.52 | Liberal Construction of Statutes.

Section 1315.53 | Reporting Transactions - Records.

Section 1315.54 | Investigations.

Section 1315.55 | Additional Prohibited Activities.

Section 1315.99 | Penalty.