Ohio § 1321.04

§ 1321.04.

(A) Except as otherwise provided in division (B) of this section, upon the filing of

an application under section 1321.03 of the Revised Code and payment of fees pursuant to section 1321.20 of the Revised Code , the division of financial institutions shall investigate the facts concerning the

applicant and the requirements provided for in divisions (A)(1) and (2) of this section. The division shall approve the application and issue and deliver a license to the

applicant if the division finds both of the following: (1) That the financial responsibility, experience, and general fitness of the applicant

and of the members thereof, if the applicant is a partnership or an association, and

of the officers and directors thereof, if the applicant is a corporation, are such

as to warrant the belief that the business will be operated lawfully, honestly, and

fairly under sections 1321.01 to 1321.19 of the Revised Code and within the purposes of those sections, that the applicant has fully complied

with those sections, and that the applicant is qualified to act as a licensed lender; (2) That the applicant has available for the operation of such business cash or moneys

deposited in a readily accessible fund or account of not less than twenty-five thousand

dollars. If the division does not so find, it shall enter an order denying such application

and forthwith notify the applicant of the denial, the grounds for the denial, and

the applicant's reasonable opportunity to be heard on the action in accordance with

Chapter 119. of the Revised Code.  In the event of denial, the division shall return the license fee but shall retain

the investigation fee. (B) The division shall issue and deliver a license in accordance with Chapter 4796. of

the Revised Code to an applicant if either of the following applies: (1) The applicant holds a license in another state. (2) The applicant has satisfactory work experience, a government certification, or a

private certification as described in that chapter in the business of lending money,

credit, or choses in action in amounts of five thousand dollars or less in a state

that does not issue that license.