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 loan association, or credit union, or a subsidiary of any such entity, which subsidiary is regulated by a federal banking agency and is owned and controlled by a depository institution;
(B) A consumer reporting agency that is in substantial compliance 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 solely for the purpose of securitizing loans secured by an interest in real estate, provided the entity does not service the loans. As used in this division, "securitizing" means the packaging and sale of mortgage loans as a unit for sale as investment securities, but only to the extent of those activities.
(F) Any person engaged in the retail sale of manufactured homes, mobile homes, or industrialized units, including a manufactured home park operator, as defined in section 4781.01 of the Revised Code, if, in connection with obtaining financing by others for those retail sales, the person does not do any of the following:
(1) Offer or negotiate the residential mortgage loan rates or terms;
(2) Fail to give a borrower written disclosure of any corporate affiliation the person has with any lender, or fail to refer a borrower to at least one unaffiliated lender if the person recommends a lender with which the person has a corporate affiliation;
(3) Receive any compensation or gain from any company or individual for assisting the borrower to obtain or apply for financing to purchase the manufactured home, mobile home, or industrialized unit.
(G) A bona fide nonprofit organization;
(H) A credit union service organization, provided that the organization utilizes services provided by registered mortgage loan originators or that it holds a valid letter of exemption issued by the superintendent of financial institutions under division (B)(1) of section 1322.05 of the Revised Code.
(I) A depository institution not otherwise required to be licensed under this chapter that voluntarily makes a filing on the nationwide mortgage licensing system and registry as an exempt entity for the purpose of licensing loan originators exclusively associated with the institution and that holds a valid letter of exemption issued by the superintendent pursuant to division (B)(1) of section 1322.05 of the Revised Code.
Last updated June 22, 2021 at 1:08 PM
Structure Ohio Revised Code
Title 13 | Commercial Transactions
Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla)
Section 1322.01 | Rmla Definitions.
Section 1322.04 | Applicability of Rmla.
Section 1322.07 | Requirement to Obtain Certificate of Registration or License.
Section 1322.09 | Application for Certificate of Registration; Fee.
Section 1322.10 | Conditions for Issuing Certificate of Registration; Renewal.
Section 1322.12 | Designation of Operations Manager; Eligibility.
Section 1322.15 | Obfuscation or Concealment of True Ownership or Control.
Section 1322.16 | Transfer of Ownership Interests; Notification.
Section 1322.17 | Persons Registered Solely to Sell Leads or to Match Buyers.
Section 1322.20 | Application for Mortgage Loan Originator License.
Section 1322.21 | Conditions for Issuing Mortgage Loan Originator License; Renewal.
Section 1322.27 | Examination for Mortgage Loan Originator License.
Section 1322.28 | Continuing Education for Mortgage Loan Originator.
Section 1322.29 | Supervision of Mortgage Loan Originator; Transfer of License.
Section 1322.32 | Corporate Surety Bond; Notice of Action or Judgment.
Section 1322.34 | Examination and Maintenance of Records; Reports to Nmls.
Section 1322.40 | Prohibited Acts.
Section 1322.41 | Prohibited Interest in Appraisal Company.
Section 1322.42 | Restrictions Regarding Referrals.
Section 1322.45 | Additional Duties of Registrants and Licensees; Recovery of Damages by Buyer.
Section 1322.46 | Disclosures in Advertising.
Section 1322.50 | Disciplinary Actions.
Section 1322.51 | Effect of Child Support Default on Registration or License.
Section 1322.52 | Buyer Civil Action; State Civil Action; Criminal Prosecution.
Section 1322.55 | Adoption of Rules to Parallel Federal Safe Act.
Section 1322.56 | Adoption of Rules to Comply With Nmls Requirements.