2020 Ohio Revised Code
Title 13 | Commercial Transactions
Chapter 1322 | Ohio Residential Mortgage Lending Act (Rmla)
Section 1322.29 | Supervision of Mortgage Loan Originator; Transfer of License.
Effective: March 23, 2018
Latest Legislation: House Bill 199 - 132nd General Assembly
(A) A registrant or entity holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code shall supervise all business of a mortgage loan originator conducted at the principal office, any branch office, or other location used by the individual mortgage loan originator.
(B) If a mortgage loan originator's employment or association is terminated for any reason, the licensee may request the transfer of the license to another mortgage lender or mortgage broker by submitting a transfer application, along with a fifteen - dollar fee and any fee required by the national mortgage licensing system and registry, to the superintendent of financial institutions or may request the superintendent in writing to hold the license in escrow. Any licensee whose license is held in escrow shall cease activity as a mortgage loan originator. A licensee whose license is held in escrow shall be required to apply for renewal annually and to comply with the annual continuing education requirement.
(C) A registrant may employ or be associated with a mortgage loan originator on a temporary basis pending the transfer of the mortgage loan originator's license to the registrant, if the registran t receives written confirmation from the superintendent that the mortgage loan originator is licensed under this chapter.
(D) Notwithstanding divisions (A) to (C) of this section, if a licensee is employed by or associated with a person or entity holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code, all of the following apply:
(1) The licensee shall maintain and display a copy of the mortgage loan originator license at the office where the licensee principally transacts business.
(2) If the mortgage loan originator's employment or association is terminated, the mortgage loan originator shall notify the superintendent within five business days after termination. The licensee may request the transfer of the license to another person or entity holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code by submitting a transfer application, along with a fifteen-dollar fee and any fee required by the national mortgage licensing system and registry, to the superintendent or may request the superintendent in writing to hold the license in escrow. A licensee whose license is held in escrow shall cease activity as a mortgage loan originator. A licensee whose license is held in escrow shall be required to apply for renewal annually and to comply with the annual continuing education requirement.
(E) A licensee may seek to be employed by or associated with a registrant or a person or entity holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code, if the mortgage lender, mortgage broker, or person or entity receives written confirmation from the superintendent that the mortgage loan originator is licensed under this chapter.
Last updated June 22, 2021 at 1:25 PM
