2006 Ohio Revised Code - 1322.01. Definitions.

§ 1322.01. Definitions.
 

As used in sections 1322.01 to 1322.12 of the Revised Code: 

(A) "Buyer" means an individual who is solicited to purchase or who purchases the services of a mortgage broker for purposes other than obtaining a business loan as described in division (B)(6) of section 1343.01 of the Revised Code. 

(B) "Consumer reporting agency" has the same meaning as in the "Fair Credit Reporting Act," 84 Stat. 1128, 15 U.S.C.A. 1681a, as amended. 

(C) "Employee" means an individual for whom a mortgage broker, in addition to providing a wage or salary, pays social security and unemployment taxes, provides workers' compensation coverage, and withholds local, state, and federal income taxes. "Employee" also includes any shareholder, member, or partner of a registrant who acts as a loan officer or operations manager of the registrant, but for whom the registrant is prevented by law from making income tax withholdings. 

(D) "Licensee" means any person that has been issued a loan officer license under sections 1322.01 to 1322.12 of the Revised Code. 

(E) "Loan officer" means an employee who originates mortgage loans in consideration of direct or indirect gain, profit, fees, or charges. "Loan officer" also includes an employee who solicits financial and mortgage information from the public for sale to another mortgage broker. 

(F) "Mortgage" means any indebtedness secured by a deed of trust, security deed, or other lien on real property. 

(G) "Mortgage broker" means any of the following: 

(1) A person that holds that person out as being able to assist a buyer in obtaining a mortgage and charges or receives from either the buyer or lender money or other valuable consideration readily convertible into money for providing this assistance; 

(2) A person that solicits financial and mortgage information from the public, provides that information to a mortgage broker, and charges or receives from the mortgage broker money or other valuable consideration readily convertible into money for providing the information; 

(3) A person engaged in table-funding or warehouse-lending mortgage loans that are first lien mortgage loans. 

(H) "Operations manager" means the individual responsible for the everyday operations, compliance requirements, and management of a mortgage broker business. 

(I) "Originate" means to do any of the following: 

(1) Negotiate or arrange, or offer to negotiate or arrange, a mortgage loan between a person that makes or funds mortgage loans and a buyer; 

(2) Issue a commitment for a mortgage loan to a buyer; 

(3) Place, assist in placement, or find a mortgage loan for a buyer. 

(J) "Registrant" means any person that has been issued a mortgage broker certificate of registration under sections 1322.01 to 1322.12 of the Revised Code. 

(K) "Superintendent of financial institutions" includes the deputy superintendent for consumer finance as provided in section 1181.21 of the Revised Code. 

(L) "Table-funding mortgage loan" means a mortgage loan transaction in which the mortgage is initially payable to the mortgage broker, the mortgage broker does not use the mortgage broker's own funds to fund the transaction, and, by the terms of the mortgage or other agreement, the mortgage is simultaneously assigned to another person. 

(M) "Warehouse-lending mortgage loan" means a mortgage loan transaction in which the mortgage is initially payable to the mortgage broker, the mortgage broker uses the mortgage broker's own funds to fund the transaction, and the mortgage is sold or assigned before the mortgage broker receives a scheduled payment on the mortgage. 
 

HISTORY: 144 v S 323 (Eff 4-16-93); 146 v H 193 (Eff 11-24-95); 146 v H 282 (Eff 3-4-96); 146 v S 293 (Eff 9-26-96); 147 v H 522 (Eff 3-18-99); 149 v S 76. Eff 5-2-2002.
 

The provisions of § 3 of SB 76 (149 v  - ) read as follows: 

SECTION 3. Sections 1 and 2 of this act shall take effect six months after the effective date of this act.