Ohio Revised Code
Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla)
Section 1322.43 | Supervision of Mortgage Loan Originator and Associated Persons; Procedures to Avoid Violations; Remote Work.

Effective: September 13, 2022
Latest Legislation: Senate Bill 264 - 134th General Assembly
(A) No registrant and entity holding a valid letter of exemption under this chapter, through its operations manager or otherwise, shall fail to do either of the following:
(1) Reasonably supervise a mortgage loan originator or any other person associated with the registrant or entity;
(2) Establish reasonable procedures designed to avoid violations of any provision of this chapter or the rules adopted under this chapter, or violations of applicable state and federal consumer and lending laws or rules, by mortgage loan originators or any other person associated with the registrant or entity.
(B) No registrant or entity holding a letter of exemption issued under this chapter shall:
(1) Receive, directly or indirectly, a premium on the fees charged for services performed by a bona fide third party;
(2) Pay or receive, directly or indirectly, a referral fee or kickback of any kind to or from a bona fide third party or other party with a related interest in the transaction, including a home improvement builder, real estate developer, or real estate broker or agent, for the referral of business.
(C)(1) Notwithstanding any provision of this chapter to the contrary, a registrant or entity holding a letter of exemption under this chapter may allow a mortgage loan originator or any other person associated with the registrant or entity to transact business on behalf of the registrant or entity from a location other than the registrant's or entity's principal office or a branch office if all of the following apply:
(a) The registrant or entity has a written policy governing the supervision of the mortgage loan originator or other person associated with the registrant or entity while the originator or person transacts business on behalf of the registrant or entity from such a location.
(b) Access to the registrant's or entity's platform and customer information is in accordance with the registrant's or entity's written information security plan.
(c) The mortgage loan originator or other person associated with the registrant or entity does not interact with a customer at the originator's or person's residence, unless the residence is the registrant's or entity's principal office or a branch office.
(d) Physical records are not maintained at such a location.
(2) The superintendent of financial institutions may charge a registrant or entity an annual fee to cover the costs associated with administering division (C)(1) of this section. The fee shall not exceed twenty-five dollars for each location at which a mortgage loan originator or any other person associated with the registrant or entity transacts business on behalf of the registrant or entity other than the registrant's or entity's principal office or a branch office.
Last updated June 30, 2022 at 5:05 PM

Structure Ohio Revised Code

Ohio Revised Code

Title 13 | Commercial Transactions

Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla)

Section 1322.01 | Rmla Definitions.

Section 1322.02 | Rules Amending Definitions of Mortgage Broker, Lender, or Originator; Rules Amending Criteria for Letters of Exemption.

Section 1322.04 | Applicability of Rmla.

Section 1322.05 | Credit Union Service Organization or Depository Institution Application for Letter of Exemption; Fee.

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 1322.30 | Interest.

Section 1322.32 | Corporate Surety Bond; Notice of Action or Judgment.

Section 1322.34 | Examination and Maintenance of Records; Reports to Nmls.

Section 1322.35 | Obstructing Examination or Investigation by Superintendent of Financial Institutions.

Section 1322.36 | Public Records and Privileged and Confidential Information; Reports by Superintendent to Nmls.

Section 1322.40 | Prohibited Acts.

Section 1322.41 | Prohibited Interest in Appraisal Company.

Section 1322.42 | Restrictions Regarding Referrals.

Section 1322.43 | Supervision of Mortgage Loan Originator and Associated Persons; Procedures to Avoid Violations; Remote Work.

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.

Section 1322.57 | Administrative Rules.

Section 1322.99 | Penalty.