Effective: March 23, 2018
Latest Legislation: House Bill 199 - 132nd General Assembly
(A) Except as otherwise provided in division (B) of this section, no registrant, or any member of the immediate family of an owner of a registrant, shall own or control a majority interest in an appraisal company.
(B) Division (A) of this section shall not apply to any registrant, or any member of the immediate family of an owner of a registrant, who, on January 1, 2010, directly or indirectly owns or controls a majority interest in an appraisal company. However, such ownership or control is subject to the following conditions:
(1) The registrant and members of the immediate family of an owner of a registrant shall not increase their interest in the company.
(2) The interest is not transferable to a member of the immediate family of an owner of a registrant.
(3) If the registrant is convicted of or pleads guilty or nolo contendere to a criminal violation of this chapter or any criminal offense described in division (A)(1)(b) of section 1322.50 of the Revised Code, the superintendent of financial institutions may, in addition to any of the actions authorized under section 1322.50 of the Revised Code, order the registrant or members of the immediate family of an owner of a registrant to divest their interest in the company.
Last updated April 27, 2021 at 5:18 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.