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 by the individual mortgage loan originator.
(B) If a mortgage loan originator's employment or association is terminated for any reason, the licensee may request the transfer of the license to another registrant by submitting a transfer application, along with a fifteen-dollar fee and any fee required by the national mortgage licensing system and registry, to the superintendent of financial institutions or may request the superintendent in writing to hold the license in escrow. Any licensee whose license is held in escrow shall cease activity as a mortgage loan originator. A licensee whose license is held in escrow shall be required to apply for renewal annually and to comply with the annual continuing education requirement.
(C) A registrant may employ or be associated with a mortgage loan originator on a temporary basis pending the transfer of the mortgage loan originator's license to the registrant, if the registrant receives written confirmation from the superintendent that the mortgage loan originator is licensed under this chapter.
(D) Notwithstanding divisions (A) to (C) of this section, if a licensee is employed by or associated with a person or entity holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code, and if the mortgage loan originator's employment or association is terminated, the mortgage loan originator shall notify the superintendent within five business days after termination. The licensee may request the transfer of the license to another person or entity holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code by submitting a transfer application, along with a fifteen-dollar fee and any fee required by the national mortgage licensing system and registry, to the superintendent or may request the superintendent in writing to hold the license in escrow. A licensee whose license is held in escrow shall cease activity as a mortgage loan originator. A licensee whose license is held in escrow shall be required to apply for renewal annually and to comply with the annual continuing education requirement.
(E) A licensee may seek to be employed by or associated with a registrant or a person or entity holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code, if the registrant receives written confirmation from the superintendent that the mortgage loan originator is licensed under this chapter.
Last updated June 22, 2021 at 1:25 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.