2006 Ohio Revised Code - 4517.27. Rules for regulation of manufactured home brokers.

§ 4517.27. Rules for regulation of manufactured home brokers.
 

(A)  In accordance with Chapter 119. of the Revised Code, the registrar of motor vehicles shall adopt rules for the regulation of manufactured home brokers. The rules shall require that a manufactured home broker maintain a bond of a surety company authorized to transact business in this state in an amount determined by the registrar. The rules also shall require each person licensed as a manufactured home broker to maintain at all times a special or trust bank account that is noninterest-bearing, is separate and distinct from any personal or other account of the broker, and into which shall be deposited and maintained all escrow funds, security deposits, and other moneys received by the broker in a fiduciary capacity. In a form determined by the registrar, a manufactured home broker shall submit written proof to the registrar of the continued maintenance of the special or trust account. A depository where special or trust accounts are maintained in accordance with this section shall be located in this state. 

(B)  Whoever violates this section is guilty of a misdemeanor of the fourth degree. 
 

HISTORY: 146 v S 134. Eff 8-25-95; 149 v S 123, § 1, eff. 1-1-04.
 

The effective date is set by section 4 of S.B. 123. 

See provisions, § 5 of S.B. 123 (149 v  - ), following RC § 4501.01. 

 

Effect of Amendments

S.B. 123, Acts 2002, effective January 1, 2004, added (B).