Effective: March 28, 1985
Latest Legislation: House Bill 385 - 115th General Assembly
(A) Every invention developer rendering or offering to render invention development services in this state shall maintain a bond in the amount of ten thousand dollars issued by a surety company that is authorized to do business in this state. The invention developer shall file a copy of the bond with the secretary of state prior to the time the invention developer first commences business in this state.
(B) The bond required by division (A) of this section shall be payable in favor of the state for the benefit of any person who, after entering into a contract for invention development services with an invention developer, is damaged by fraud, dishonesty, or the failure of the invention developer to provide the invention development services required in performance of the contract. Any person claiming against the bond may maintain an action against the invention developer and the surety. The aggregate liability of the surety to all persons for all breaches of conditions of the bond provided in this section shall not exceed the amount of the bond.
(C) In lieu of furnishing the bond as required by this section, the invention developer may deposit with the secretary of state a deposit in an amount equal to the required amount of the bond. The deposit may be satisfied by any of the following:
(1) Certificates of deposit payable to the secretary of state issued by banks doing business in this state and insured by the federal deposit insurance corporation;
(2) Investment certificates of share accounts assigned to the secretary of state and issued by a savings and loan association doing business in this state and insured by the federal savings and loan insurance corporation;
(3) Cash.
(D) The bond or deposit required by this section shall be canceled or returned to the invention developer two years after he ceases doing business in this state so long as no lawsuits by Ohio customers are pending against it at the time. The secretary of state shall cancel or return the bond or deposit as required by this section no later than sixty days after the invention developer gives notice of his eligibility for the cancellation and return of the bond or deposit.
Structure Ohio Revised Code
Title 13 | Commercial Transactions
Chapter 1345 | Consumer Sales Practices
Section 1345.01 | Consumer Sales Practices Definitions.
Section 1345.02 | Unfair or Deceptive Acts or Practices.
Section 1345.021 | Ethanol Blended or Mixed Into Gasoline.
Section 1345.022 | Installation of Unsafe Used Tires.
Section 1345.03 | Unconscionable Consumer Sales Acts or Practices.
Section 1345.031 | Unconscionable Acts by Supplier Prohibited - Unconscionable Provisions.
Section 1345.032 | Suppliers Soliciting Fees for Copies of Deeds.
Section 1345.04 | Jurisdiction.
Section 1345.05 | Attorney General Powers and Duties.
Section 1345.06 | Investigations by Attorney General.
Section 1345.07 | Remedies of Attorney General.
Section 1345.08 | Attorney General to Coordinate With Other Administrative Agency.
Section 1345.09 | Private Causes of Action.
Section 1345.091 | Claim or Defense Against Assignee of Loan.
Section 1345.092 | Supplier's Right to Cure.
Section 1345.10 | Final Judgment Admissible as Prima Facie Evidence.
Section 1345.11 | Bona Fide Errors.
Section 1345.12 | Applicability of Chapter - Exceptions.
Section 1345.13 | Remedies in Addition to Other Remedies.
Section 1345.19 | Jurisdiction.
Section 1345.21 | Home Solicitation Sale Definitions.
Section 1345.22 | Right of Buyer to Cancel.
Section 1345.23 | Written Agreement or Offer to Purchase.
Section 1345.24 | Retaining Notice of Cancellation.
Section 1345.25 | Presumption.
Section 1345.26 | Right of Buyer After Cancellation.
Section 1345.27 | Right of Seller After Cancellation.
Section 1345.28 | Deceptive Acts or Practices.
Section 1345.30 | Fitting, Sale, and Returns of Hearing Aids.
Section 1345.31 | Failing to Comply With Refund Obligations.
Section 1345.41 | Prepaid Entertainment Contract Definitions.
Section 1345.42 | Contract Provision of Prepaid Entertainment Contracts.
Section 1345.43 | Right of Buyer to Cancel.
Section 1345.44 | Prepaid Entertainment Contract Form.
Section 1345.45 | Retaining Notice of Cancellation.
Section 1345.46 | Buyer to Deliver Goods or Evidence of Membership to Seller After Cancellation.
Section 1345.47 | Defenses of Buyer Against Holder in Due Course.
Section 1345.48 | Deceptive Acts or Practices - Damages.
Section 1345.49 | Buyer's Waiver Void.
Section 1345.51 | Consumer Protection Enforcement Fund.
Section 1345.52 | Title Defect Recision Fund.
Section 1345.61 | Invention Development Services Definitions.
Section 1345.62 | Invention Development Services Contracts.
Section 1345.63 | Conspicuous and Legible Cover Sheet With Notice.
Section 1345.64 | Record of Contacts.
Section 1345.65 | Contract Contents.
Section 1345.67 | Maintaining Bond.
Section 1345.68 | Effect on Other Obligations, Rights, or Remedies.
Section 1345.71 | Nonconforming New Motor Vehicle Law Definitions.
Section 1345.72 | Duty to Repair - Repair Unsuccessful.
Section 1345.73 | Presumptions.
Section 1345.74 | Providing Written Statement of Rights.
Section 1345.75 | Civil Action for Loss.
Section 1345.76 | Resale or Lease of Buyback Conditions.
Section 1345.77 | Establishment and Qualification of Informal Dispute Resolution Mechanism.
Section 1345.78 | Buyback Violations.
Section 1345.81 | Using Nonoriginal Equipment Manufacturer Aftermarket Crash Parts.
Section 1345.90 | Defective Assistive Device Definitions.
Section 1345.91 | Express Written Warranty.
Section 1345.92 | Repair Is Unsuccessful or Untimely.
Section 1345.93 | Returned Devices.
Section 1345.94 | Applicability of Consumer Sales Practices Act.