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H. B. No. 20 As IntroducedAs Introduced
127th General Assembly | Regular Session | 2007-2008 |
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Cosponsors: Representatives McGregor, J., Healy, Dodd, Okey, Seitz, Collier, Yuko, Koziura, Brown
A BILL
To amend sections 1322.04 and 1322.041 of the Revised Code to require the Superintendent of Financial Institutions to prorate the renewal fee for a new certificate of registration or license for a mortgage broker or loan officer.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That sections 1322.04 and 1322.041 of the Revised Code be amended to read as follows:
Sec. 1322.04. (A) Upon the conclusion of the
investigation
required under division (B) of section 1322.03 of
the Revised
Code, the superintendent of financial
institutions shall issue a
certificate of registration
to the applicant if
the
superintendent
finds that the following conditions are met: (1)
Except as otherwise provided in division (A) of
section
1322.03 of the
Revised Code, the application is accompanied
by the
application fee. If a check or other draft instrument is
returned
to
the superintendent for insufficient funds, the
superintendent
shall notify the registrant by certified mail,
return receipt
requested, that the certificate of registration
issued in reliance
on the check or other draft instrument will be
canceled unless the
registrant, within thirty days after receipt
of the notice,
submits the application fee and a
one-hundred-dollar penalty to
the superintendent. If the
registrant does not submit the
application fee and penalty within
that time period, or if any
check or other draft instrument used
to pay the fee or penalty is
returned to the superintendent for
insufficient funds, the
certificate of registration shall be
canceled immediately without
a hearing, and the registrant shall
cease activity as a mortgage
broker. (2) If the application is for a location that is a
residence,
that the applicant has obtained a valid zoning permit
authorizing the use of the residence for commercial purposes, or
has obtained
a valid written opinion or other document
issued by
the county or political subdivision where the
residence is located
certifying that the use of the residence to
transact business as a
mortgage broker is not prohibited by the
county or political
subdivision. The
application also is accompanied by a photograph
of each
location at which the mortgage broker's business will be
transacted. (3) The sole proprietor
or
the person designated on
the
application pursuant to division
(A)(3) of section 1322.03 of the
Revised
Code, as
applicable, meets the
experience requirements
provided in division
(A)(4) of section
1322.03 of the Revised
Code and the education requirements set forth in division (A)(5) of section 1322.03 of the Revised Code. (4)
The applicant
maintains
all licenses and registrations
required by the secretary of state. (5) The applicant complies with the surety bond
requirements
of section 1322.05 of the Revised Code. (6) The applicant complies with sections 1322.01 to
1322.12
of the Revised Code. (7)
Neither the applicant
nor any shareholder, member,
partner, operations manager, or employee of the
applicant has
pleaded guilty to or been
convicted of
any
criminal offense
described in division (A)(8) of
section 1322.03 of the
Revised
Code or any violation of an existing or former law of this state, any other state, or the United States that substantially is equivalent to a criminal offense described in that division. However, if the applicant or any of those other persons
has
pleaded guilty to or been convicted of any such offense other than theft, the superintendent shall not consider the offense if the
applicant has proven to the superintendent, by a preponderance of
the evidence, that the applicant's or other person's activities
and employment record since the conviction show that the applicant
or other person is honest, truthful, and of good reputation, and
there is no basis in fact for believing that the applicant or
other person will commit such an offense again. (8)
Neither the applicant nor any shareholder, member,
partner, operations manager, or employee of the
applicant has been
subject to any adverse judgment for conversion,
embezzlement,
misappropriation of funds, fraud, misfeasance or
malfeasance, or
breach of fiduciary duty, or, if the applicant or any of those
other persons has been subject to such a judgment, the applicant
has proven to the superintendent, by a preponderance of the
evidence, that the applicant's or other person's activities and
employment record since the judgment show that the applicant or
other person is honest, truthful, and of good reputation, and
there is no basis in fact for believing that the applicant or
other person will be subject to such a judgment again.
(9) The applicant's operations manager successfully completed
the examination required under division (A) of section 1322.051 of
the Revised Code.
(10) The applicant's financial responsibility, experience,
character, and general fitness command the confidence of the
public and warrant the belief that the business will be operated
honestly and fairly in compliance with the purposes of sections
1322.01 to 1322.12 of the Revised Code. For purposes of determining whether an applicant that is a
partnership, corporation, or other
business entity
or association
has
met the conditions set forth in
divisions (A)(7),
(A)(8), and
(A)(10) of this
section, the superintendent shall
determine which
partners,
shareholders, or persons named in the
application
pursuant to
division
(A)(2) of section 1322.03 of
the
Revised
Code
must meet the conditions set forth in
divisions (A)(7), (A)(8),
and (A)(10) of
this section. This
determination shall be based on
the extent
and nature of the
partner's, shareholder's, or
person's
ownership interest
in the
partnership, corporation, or
other
business entity
or association
that
is the applicant. (B) The certificate of registration issued pursuant to
division (A) of this section may be renewed annually on or before
the thirtieth day of April
if the superintendent
finds that all
of the following conditions are met:
(1) The renewal application is accompanied by a
nonrefundable
renewal fee of three hundred
fifty dollars for
each location of an office to be maintained
by the applicant in
accordance with division (A) of section
1322.02 of the Revised
Code; however, an or the prorated renewal fee for each location pursuant to division (D) of this section. An
applicant that is registered under sections
1321.51 to 1321.60 of
the Revised Code shall not be required to
pay a renewal fee. If a
check or other draft instrument is
returned to the superintendent
for insufficient funds, the
superintendent shall notify the
registrant by
certified mail,
return receipt requested, that the
certificate of
registration
renewed in reliance on the check or
other draft
instrument will be
canceled unless the registrant,
within thirty
days after receipt
of the notice, submits the
renewal fee and a
one-hundred-dollar
penalty to the
superintendent. If the
registrant does not submit
the renewal fee
and penalty within that
time period, or if any
check or other
draft instrument used to pay
the fee or penalty is
returned to the
superintendent for
insufficient funds, the
certificate of
registration shall be
canceled immediately without
a hearing and
the registrant shall
cease activity as a mortgage
broker.
(2) On and after January 1, 2003, the operations manager
designated under division (A)(3) of section 1322.03 of the Revised
Code has completed, during the immediately preceding calendar
year, at least six hours of continuing education as required under
section 1322.052 of the Revised Code.
(3) The applicant meets the conditions set forth in
divisions (A)(2) to
(10) of this section.
(4) The applicant's certificate of
registration is not
subject to an order of suspension or
revocation by the
superintendent.
(C)(1) Subject to division (C)(2) of this section, if a
renewal fee is
received by the
superintendent after
the thirtieth
day of April, the certificate of
registration shall
not be
considered renewed, and the applicant shall cease activity
as a
mortgage broker and apply for a certificate of registration
as a
mortgage broker. (2) Division (C)(1) of
this section shall not apply if
the
applicant, no later than the
thirty-first day of May, submits
the
renewal fee and a
one-hundred-dollar penalty to the
superintendent. (D) The superintendent shall adopt rules to prorate the first renewal fee for a new certificate of registration based upon the number of months the initial certificate of registration has been in effect prior to the renewal. An applicant is eligible to pay the prorated renewal fee only for the first renewal of the applicant's initial certificate of registration. (E) If
the person
designated
as the operations manager
pursuant to division (A)(3)
of
section 1322.03 of the Revised
Code
is no longer
the operations manager, the
registrant
shall do all
of the
following: (1) Designate another
person as
the operations
manager; (2) Within ten days after the
designation described in
division
(D)(1)
of this section, notify the superintendent in
writing of
the designation; (3) Submit any additional
information that the
superintendent requires to establish that
the newly designated
operations manager
complies with the
experience requirements set
forth in division
(A)(4) of section 1322.03 of
the Revised
Code.
Sec. 1322.041. (A) Upon the conclusion of the investigation
required under division (B) of section 1322.031 of the Revised
Code, the superintendent of financial institutions shall issue a
loan officer license to the applicant if the superintendent finds
that the following conditions are met:
(1) The application is accompanied by the application fee.
If a check or other draft instrument is returned to the
superintendent for insufficient funds, the
superintendent shall
notify the licensee by certified mail, return
receipt requested,
that the license issued in reliance on the
check or other draft
instrument will be canceled unless the
licensee, within thirty
days after receipt of the notice, submits
the application fee and
a one-hundred-dollar penalty to the
superintendent. If the
licensee does not submit the application
fee and penalty within
that time period, or if any check or other
draft instrument used
to pay the fee or penalty is returned to the
superintendent for
insufficient funds, the license shall be
canceled immediately
without a hearing, and the licensee shall
cease activity as a loan
officer.
(2) The applicant complies with sections 1322.01 to 1322.12
of the Revised Code.
(3) The applicant has not been convicted of or pleaded
guilty to any criminal offense described in division (A)(2) of
section 1322.031 of the Revised Code and the applicant has not pleaded guilty to or been convicted of a violation of an existing or former law of this state, any other state, or the United States that substantially is equivalent to a criminal offense described in that division. However, if the applicant has
been convicted of or pleaded guilty to any such offense other than theft, the superintendent shall not consider the offense if the
applicant has proven to the superintendent, by a preponderance of
the evidence, that the applicant's activities and employment
record since the conviction show that the applicant is honest,
truthful, and of good reputation, and there is no basis in fact
for believing that the applicant will commit such an offense
again.
(4) The applicant has not been subject to an adverse judgment
for conversion, embezzlement, misappropriation of funds, fraud,
misfeasance or malfeasance, or breach of fiduciary duty, or, if
the applicant has been subject to such a judgment, the applicant
has proven to the superintendent, by a preponderance of the
evidence, that the applicant's activities and employment record
since the judgment show that the applicant is honest, truthful,
and of good reputation, and there is no basis in fact for
believing that the applicant will be subject to such a judgment
again.
(5) The applicant successfully completed the examination required under division (B) of section 1322.051 of the Revised Code and the education requirements set forth in division (A)(4) of section 1322.031 of the Revised Code. (6) The applicant's character and general fitness command the
confidence of the public and warrant the belief that the business
will be operated honestly and fairly in compliance with the
purposes of sections 1322.01 to 1322.12 of the Revised Code.
(B) The license issued under division (A) of this
section
may be renewed annually on or before the thirtieth day of
April if
the superintendent finds that all of the following
conditions are
met:
(1) The renewal application is accompanied by a
nonrefundable renewal fee of one hundred dollars or the prorated renewal fee pursuant to division (D) of this section. If a check or
other draft instrument is returned to the superintendent for
insufficient funds, the superintendent shall notify
the licensee
by certified mail, return receipt requested, that the
license
renewed in reliance on the check or other draft instrument
will be
canceled unless the licensee, within thirty days after
receipt of
the notice, submits the renewal fee and a
one-hundred-dollar
penalty to the superintendent. If the licensee
does not submit
the renewal fee and penalty within that time
period, or if any
check or other draft instrument used to pay the
fee or penalty is
returned to the superintendent for insufficient
funds, the license
shall be canceled immediately without a hearing,
and the licensee
shall cease activity as a loan officer.
(2) On and after January 1, 2003, the loan officer has
completed, during the immediately preceding calendar year, at
least six hours of continuing education as required under section
1322.052 of the Revised Code.
(3) The applicant meets the conditions set forth in
divisions (A)(2) to (6) of this section.
(4) The applicant's license is not subject to an order of
suspension or revocation by the superintendent.
(C)(1) Subject to division (C)(2) of this section, if a
license renewal application or renewal fee is
received by the
superintendent after the thirtieth day of April,
the license shall
not be considered renewed, and the applicant
shall cease activity
as a loan officer.
(2) Division (C)(1) of this section shall not apply if the
applicant, no later than the thirty-first day of May, submits the
renewal application and fee and a one-hundred-dollar penalty to
the superintendent. (D) The superintendent shall adopt rules to prorate the first renewal fee for a new license based upon the number of months the initial license has been in effect prior to the renewal. An applicant is eligible to pay the prorated renewal fee only for the first renewal of the applicant's initial license.
Section 2. That existing sections 1322.04 and 1322.041 of the Revised Code are hereby repealed.
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