Ohio § 1321.53

§ 1321.53.

(A)(1) An application for a certificate of registration under sections 1321.51 to 1321.60 of the Revised Code shall contain an undertaking by the applicant to abide by those sections.  The application shall be in writing, under oath, and in the form prescribed by the

division of financial institutions, and shall contain any information that the division

may require.  Applicants that are foreign corporations shall obtain and maintain a license pursuant

to Chapter 1703. of the Revised Code before a certificate is issued or renewed. (2) Upon the filing of the application and the payment by the applicant of a nonrefundable

two-hundred-dollar investigation fee and a nonrefundable three-hundred-dollar annual

registration fee, the division shall investigate the relevant facts.  If the application involves investigation outside this state, the applicant may

be required by the division to advance sufficient funds to pay any of the actual expenses

of such investigation, when it appears that these expenses will exceed two hundred

dollars.  An itemized statement of any of these expenses which the applicant is required to

pay shall be furnished to the applicant by the division.  No certificate shall be issued unless all the required fees have been submitted

to the division. (3) The investigation undertaken upon application shall include both a civil and criminal

records check of the applicant including any individual whose identity is required

to be disclosed in the application.  Where the applicant is a business entity the superintendent shall have the authority

to require a civil and criminal background check of those persons that in the determination

of the superintendent have the authority to direct and control the operations of the

applicant. (4)(a) Notwithstanding division (L) of section 121.08 of the Revised Code , the superintendent of financial institutions shall obtain a criminal history records

check and, as part of that records check, request that criminal record information

from the federal bureau of investigation be obtained.  To fulfill this requirement, the superintendent shall request the superintendent

of the bureau of criminal identification and investigation, or a vendor approved by

the bureau, to conduct a criminal records check based on the applicant's fingerprints

or, if the fingerprints are unreadable, based on the applicant's social security number,

in accordance with section 109.572 of the Revised Code . (b) Any fee required under division (C)(3) of section 109.572 of the Revised Code shall be paid by the applicant. (5) If an application for a certificate of registration does not contain all of the information

required under division (A) of this section, and if such information is not submitted

to the division within ninety days after the superintendent requests the information

in writing, including by electronic transmission or facsimile, the superintendent

may consider the application withdrawn. (6) If the division finds that the financial responsibility, experience, and general

fitness of the applicant command the confidence of the public and warrant the belief

that the business will be operated honestly and fairly in compliance with the purposes

of sections 1321.51 to 1321.60 of the Revised Code and the rules adopted thereunder, and that the applicant has the applicable net worth

and assets required by division (C) of this section, the division shall thereupon

issue a certificate of registration to the applicant.  The superintendent shall not use a credit score as the sole basis for a registration

denial. (a)(i) Certificates of registration issued on or after July 1, 2010, shall annually expire

on the thirty-first day of December, unless renewed by the filing of a renewal application

and payment of a three-hundred-dollar nonrefundable annual registration fee and any

assessment as determined by the superintendent pursuant to division (A)(6)(a)(ii)

of this section on or before the last day of December of each year.  No other fee or assessment shall be required of a registrant by the state or any

political subdivision of this state. (ii) If the renewal fees billed by the superintendent pursuant to division (A)(6)(a)(i)

of this section are less than the estimated expenditures of the consumer finance section

of the division of financial institutions, as determined by the superintendent, for

the following fiscal year, the superintendent may assess each registrant at a rate

sufficient to equal in the aggregate the difference between the renewal fees billed

and the estimated expenditures.  Each registrant shall pay the assessed amount to the superintendent prior to the

last day of June.  In no case shall the assessment exceed ten cents per each one hundred dollars of

interest (excluding charge-off recoveries), points, loan origination charges, and

credit line charges collected by that registrant during the previous calendar year.  If such an assessment is imposed, it shall not be less than two hundred fifty dollars

per registrant and shall not exceed thirty thousand dollars less the total renewal

fees paid pursuant to division (A)(6)(a)(i) of this section by each registrant. (b) Registrants shall timely file renewal applications on forms prescribed by the division

and provide any further information that the division may require.  If a renewal application does not contain all of the information required under

this section, and if that information is not submitted to the division within ninety

days after the superintendent requests the information in writing, including by electronic

transmission or facsimile, the superintendent may consider the application withdrawn. (c) Renewal shall not be granted if the applicant's certificate of registration is subject

to an order of suspension, revocation, or an unpaid and past due fine imposed by the

superintendent. (d) If the division finds the applicant does not meet the conditions set forth in this

section, it shall issue a notice of intent to deny the 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. (7) If there is a change of five per cent or more in the ownership of a registrant, the

division may make any investigation necessary to determine whether any fact or condition

exists that, if it had existed at the time of the original application for a certificate

of registration, the fact or condition would have warranted the division to deny the

application under division (A)(6) of this section.  If such a fact or condition is found, the division may, in accordance with Chapter

119. of the Revised Code, revoke the registrant's certificate. (B) Notwithstanding division (A) of this section, the division shall issue a certificate

of registration in accordance with Chapter 4796. of the Revised Code to an applicant

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

private certification as described in that chapter as a general loan lender in a state

that does not issue that license. (C) Each registrant that engages in lending under sections 1321.51 to 1321.60 of the Revised Code shall maintain both of the following: (1) A net worth of at least fifty thousand dollars; (2) For each certificate of registration, assets of at least fifty thousand dollars either

in use or readily available for use in the conduct of the business. (D) Not more than one place of business shall be maintained under the same certificate,

but the division may issue additional certificates to the same registrant upon compliance

with sections 1321.51 to 1321.60 of the Revised Code , governing the issuance of a single certificate.  No change in the place of business of a registrant to a location outside the original

municipal corporation shall be permitted under the same certificate without the approval

of a new application, the payment of the registration fee and, if required by the

superintendent, the payment of an investigation fee of two hundred dollars.  When a registrant wishes to change its place of business within the same municipal

corporation, it shall give written notice of the change in advance to the division,

which shall provide a certificate for the new address without cost.  If a registrant changes its name, prior to making loans under the new name it shall

give written notice of the change to the division, which shall provide a certificate

in the new name without cost. Sections 1321.51 to 1321.60 of the Revised Code do not limit the loans of any registrant to residents of the community in which the

registrant's place of business is situated.  Each certificate shall be kept conspicuously posted in the place of business of

the registrant and is not transferable or assignable. (E) Sections 1321.51 to 1321.60 of the Revised Code do not apply to any of the following: (1) Entities chartered and lawfully doing business under the authority of any law of

this state, another state, or the United States as a bank, savings bank, trust company,

savings and loan association, or credit union, or a subsidiary of any such entity,

which subsidiary is regulated by a federal banking agency and is owned and controlled

by such a depository institution; (2) Life, property, or casualty insurance companies licensed to do business in this state; (3) Any person that is a lender making a loan pursuant to sections 1321.01 to 1321.19 or sections 1321.62 to 1321.701 of the Revised Code or a business loan as described in division (B)(6) of section 1343.01 of the Revised Code ; (4) Any political subdivision, or any governmental or other public entity, corporation,

instrumentality, or agency, in or of the United States or any state of the United

States, or any entity described in division (B)(3) of section 1343.01 of the Revised Code ; (5) A college or university, or controlled entity of a college or university, as those

terms are defined in section 1713.05 of the Revised Code . (F) No person engaged in the business of selling tangible goods or services related to

tangible goods may receive or retain a certificate under sections 1321.51 to 1321.60 of the Revised Code for such place of business.