Effective: April 6, 2007
Latest Legislation: House Bill 454 - 126th General Assembly
(A) A licensee that ceases to do business in this state shall do so in accordance with a plan approved by the superintendent of financial institutions or pursuant to directions issued by the superintendent in connection with the revocation or suspension of the licensee's license pursuant to section 1315.151 of the Revised Code.
(B) When a licensee ceases to do business in this state, if the superintendent considers it necessary to protect the interests of the licensee's customers, the superintendent may do either of the following:
(1) Take control of permissible investments or other assets owned by the licensee equal in value to the licensee's outstandings in this state;
(2) Require the sale of the licensee's contracts for continuing services or require the licensee's termination of those contracts with compensation to the customers for loss of the services.
(C) No licensee shall fail to comply with this section.
Structure 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 1315.24 | 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 1315.28 | 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.