Ohio Revised Code
Chapter 1707 | Securities
Section 1707.471 | Restitution Assistance Awards From Ohio Investor Recovery Fund.

Effective: September 30, 2021
Latest Legislation: House Bill 110 - 134th General Assembly
(A) A person that is eligible for a restitution assistance award under section 1707.47 of the Revised Code may submit an application for restitution assistance to the division in a manner and form prescribed by the division of securities.
(B) To receive a restitution assistance award, the claimant shall submit an application to the division within one hundred eighty days after the date of the final order. The division may grant an extension for good cause shown by the claimant. In no case shall the division accept an application that is received more than two years after the date of the final order.
(C) The maximum award from the Ohio investor recovery fund created in section 1707.47 of the Revised Code for each claimant shall be the lesser of twenty-five thousand dollars or twenty-five per cent of the amount of monetary injury suffered by the victim as specified in the final order.
(D) The state is subrogated to the rights of the person awarded restitution assistance under section 1707.47 of the Revised Code to the extent of the award. The subrogation rights are against the person that committed the securities violation or a person liable for the pecuniary loss.
(E) The state may obtain a lien on the restitution assistance award in a separation action brought by the state or through state intervention in an action brought by or on behalf of the victim.
(F)(1) No claimant shall knowingly file or cause to be filed an application for restitution assistance or documents supporting the application that contain false, incomplete, or misleading information in any material respect.
(2) A claimant that violates division (F)(1) of this section shall forfeit all restitution assistance provided from the fund and shall be fined not more than ten thousand dollars by the division.
(3) Notwithstanding section 1707.28 of the Revised Code, a proceeding to determine whether a violation of division (F)(1) of this section occurred shall be commenced not later than two years after the date on which the division discovered the violation or through reasonable diligence should have discovered the violation, whichever is earlier.
(G) The division shall adopt rules as necessary to implement sections 1707.47 and 1707.471 of the Revised Code, including rules governing the processes for both of the following:
(1) Reviewing applications for restitution assistance awards;
(2) Suspending awards or making a prorated payment of awards when the fund balance approaches or reaches a balance below two hundred fifty thousand dollars.
Last updated July 28, 2021 at 4:33 PM

Structure Ohio Revised Code

Ohio Revised Code

Title 17 | Corporations-Partnerships

Chapter 1707 | Securities

Section 1707.01 | Securities Definitions.

Section 1707.02 | Exempt Securities.

Section 1707.03 | Exempt Transactions.

Section 1707.04 | Issuance of Securities in Reorganizations.

Section 1707.041 | Control Bids Made Pursuant to Tender Offer or Request or Invitation for Tenders.

Section 1707.042 | Prohibited Acts Relating to Control Bids.

Section 1707.043 | Preventing Manipulative Practices.

Section 1707.05 | Definitions.

Section 1707.051 | Offerings-Securities Registration Exemption.

Section 1707.052 | Offerings-Disclosure to Purchasers.

Section 1707.053 | Offerings-Certification From Purchasers.

Section 1707.054 | Portal Operators-License.

Section 1707.055 | Portal Operators-Prohibited Conduct for Non-Dealer Operators.

Section 1707.056 | Portal Operators-Oversight, Purchase Limits, and Purchaser Privacy.

Section 1707.057 | Portal Operators-Record Keeping Requirements.

Section 1707.058 | Issuers-Disqualification From Registration Exemption.

Section 1707.06 | Transactions Requiring Registration.

Section 1707.08 | Registration by Description.

Section 1707.09 | Registration by Qualification.

Section 1707.091 | Registration by Coordination.

Section 1707.092 | Notice Filings.

Section 1707.093 | Electronic Filings.

Section 1707.10 | Provisional Registration by Qualification.

Section 1707.11 | Consent to Service.

Section 1707.12 | Documents Open to Inspection.

Section 1707.13 | Suspension and Revocation of Registration.

Section 1707.131 | Refusing Registration.

Section 1707.14 | Dealer's License.

Section 1707.141 | Investment Adviser's License Required - Exceptions - Notice Filing Requirement.

Section 1707.142 | Compliance With Federal Laws - Federal Documents to Be Filed With Division.

Section 1707.15 | Applying for Dealer's License.

Section 1707.151 | Application for and Issuance of Investment Adviser's License.

Section 1707.16 | Application for and Issuance of Salesperson's License.

Section 1707.161 | Investment Adviser Representative's License Required - Exceptions - Application for and Issuance of Investment Adviser Representative's License.

Section 1707.162 | State Retirement System Investment Adviser License Required.

Section 1707.163 | Application for and Issuance of State Retirement System Investment Adviser License.

Section 1707.164 | Bureau Chief Investment Officer - Securities License Required.

Section 1707.165 | Application for Bureau Chief Investment Officer - Investigation - Examination.

Section 1707.17 | Renewal - License Fees.

Section 1707.18 | Application for Transfer of License.

Section 1707.19 | Refusal, Suspension, and Revocation of License.

Section 1707.20 | Adopting, Amending, and Rescinding Rules, Forms, and Orders.

Section 1707.201 | Federal Provisions.

Section 1707.21 | Registration Statement May Be Filed With Securities and Exchange Commission.

Section 1707.22 | Appeals - Effect of Order.

Section 1707.23 | Division of Securities - Enforcement Powers.

Section 1707.24 | Contempt Proceedings.

Section 1707.25 | Injunction Against Issuance, Sale, Acting as an Investment Adviser or Acting as an Investment Adviser Representative.

Section 1707.26 | Injunction Against Violations.

Section 1707.261 | Director's Request for Restitution or Rescission.

Section 1707.27 | Appointment of Receiver.

Section 1707.28 | Statute of Limitations.

Section 1707.29 | Presumption of Knowledge.

Section 1707.30 | Certificate of Division as Evidence.

Section 1707.31 | Certified Copies as Evidence.

Section 1707.32 | Insurance Securities.

Section 1707.34 | Warehouse Receipts for Intoxicating Liquor.

Section 1707.35 | Securities Authorized Before July 22, 1929.

Section 1707.36 | Attorney-Inspector - Control-Bid Attorneys.

Section 1707.37 | Division of Securities Fund.

Section 1707.38 | Effect of Violation on Validity of Security.

Section 1707.39 | Qualification of Securities Sold Without Compliance.

Section 1707.391 | Late Applications.

Section 1707.40 | Civil Liabilities.

Section 1707.41 | Civil Liability of Seller for Fraud.

Section 1707.42 | Civil Liability of Adviser.

Section 1707.43 | Remedies of Purchaser in Unlawful Sale.

Section 1707.431 | Claiming Exemption for Publicly Advertised Meeting.

Section 1707.44 | Prohibited Acts.

Section 1707.45 | Burden of Proof.

Section 1707.46 | Duties of Commissioner of Securities.

Section 1707.47 | Ohio Investor Recovery Fund.

Section 1707.471 | Restitution Assistance Awards From Ohio Investor Recovery Fund.

Section 1707.48 | Division of Securities to Retain Documents and Records or Copies.

Section 1707.49 | Reporting Elder Financial Exploitation.

Section 1707.50 | Violations, Penalties, and Private Rights of Action.

Section 1707.99 | Penalty.