Sub.
H.B. 454
126th General Assembly
(S. Finance & Financial Institutions)
Prohibits a bank, savings
and loan association, savings bank, or credit union from offering or financing,
directly or indirectly, a debt suspension agreement or debt cancellation
contract requiring a lump sum, single payment due at the outset of the
agreement or contract, if the debt is secured by one to four family,
residential real property.
Revises the House-passed
version of the bill relative to financial institution police officers by (1)
restoring the requirement that those police officers who start to perform their
duties on or after April 14, 2006, be certified by the Ohio Peace Officer
Training Commission, (2) requiring that - - in order to be considered a
"peace officer" for purposes of the Ohio Peace Officer Training
Commission Law - - a financial institution police officer be certified as
successfully completing a state, county, municipal, or Department of Natural
Resources peace officer basic training program, (3) stating that financial
institution police officers commissioned prior to April 14, 2006, who have not
completed a training program and have not been certified by the Commission, may
be re-commissioned by the Secretary of State only during the person's
continuous employment by the institution for which the person was employed on
April 14, 2006, and (4) providing that,
for purposes of assigning break-in-service update training, a financial
institution police officer who began performing police officer duties on or
before April 14, 2006, must be credited as holding a valid peace officer
appointment retroactive to the date on which the officer began performing those
duties.
Modifies the Title Insurance
Law with respect to the file in which a notice of lender's title insurance must
be maintained, the timing with which an agent or company must offer closing and
settlement protection, and the period to which the annual review of escrow and
other accounts applies.
Removes the emergency
clause.
Makes corrective changes.
H0454-126.doc/ar 12/14/2006