Ohio § 1322.20

§ 1322.20.

(A) An application for a license as a mortgage loan originator shall be in writing, under

oath, and in a form prescribed by the superintendent of financial institutions that

complies with the requirements of the nationwide mortgage licensing system and registry.  The application shall be accompanied by a nonrefundable application fee of two hundred

dollars and any additional fee required by the nationwide mortgage licensing system

and registry. (B)(1) The application shall provide evidence, acceptable to the superintendent, that the

applicant has successfully completed at least twenty-four hours of pre-licensing instruction

consisting of all of the following: (a) Twenty hours of instruction in an approved education course; (b) Four hours of instruction in a course or program of study reviewed and approved by

the superintendent concerning Ohio lending laws and the Ohio consumer sales practices

act, Chapter 1345. of the Revised Code, as it applies to registrants and licensees. (2) If an applicant held a valid mortgage loan originator license issued by this state

at any time during the immediately preceding five-year period, the applicant shall

not be required to complete any additional pre-licensing instruction.  For this purpose, any time during which the individual is a registered mortgage

loan originator shall not be taken into account. (3) A person having successfully completed the pre-licensing education requirement reviewed

and approved by the nationwide mortgage licensing system and registry for any state

within the previous five years shall be granted credit toward completion of the pre-licensing

education requirement of this state. (C) In addition to the information required under division (B) of this section, the application

shall provide both of the following: (1) Evidence that the applicant passed a written test that meets the requirements described

in section 1322.27 of the Revised Code ; (2) Any further information that the superintendent requires. (D) Upon the filing of the application and payment of the application fee and any fee

required by the nationwide mortgage licensing system and registry, the superintendent

of financial institutions shall investigate the applicant.  As part of that investigation, the superintendent shall conduct a civil records

check. If, in order to issue a license to an applicant, additional investigation by the superintendent

outside this state is necessary, the superintendent may require the applicant to advance

sufficient funds to pay the actual expenses of the investigation, if it appears that

these expenses will exceed five hundred dollars.  The superintendent shall provide the applicant with an itemized statement of the

actual expenses that the applicant is required to pay. (E) In connection with applying for a loan originator license, the applicant shall furnish

to the nationwide mortgage licensing system and registry information concerning the

applicant's identity, including all of the following: (1) The applicant's fingerprints for submission to the federal bureau of investigation,

and any other governmental agency or entity authorized to receive such information,

for purposes of a state, national, and international criminal history background check; (2) Personal history and experience in a form prescribed by the nationwide mortgage licensing

system and registry, along with authorization for the superintendent and the nationwide

mortgage licensing system and registry to obtain both of the following: (a) An independent credit report from a consumer reporting agency; (b) Information related to any administrative, civil, or criminal findings by any governmental

jurisdiction. (F) The superintendent shall pay all funds advanced and application and renewal fees

and penalties the superintendent receives pursuant to this section and section 1322.21 of the Revised Code to the treasurer of state to the credit of the consumer finance fund created in section 1321.21 of the Revised Code . (G) If an application for a mortgage loan originator license does not contain all of

the information required under this section, and if that information is not submitted

to the superintendent or to the nationwide mortgage licensing system and registry

within ninety days after the superintendent or the nationwide mortgage licensing system

and registry requests the information in writing, including by electronic transmission

or facsimile, the superintendent may consider the application withdrawn. (H)(1) The superintendent may establish relationships or enter into contracts with the nationwide

mortgage licensing system and registry, or any entities designated by it, to collect

and maintain records and process transaction fees or other fees related to mortgage

loan originator licenses or the persons associated with a licensee. (2) For purposes of this section and to reduce the points of contact that the federal

bureau of investigation may have to maintain, the division of financial institutions

may use the nationwide mortgage licensing system and registry as a channeling agent

for requesting information from and distributing information to the United States

department of justice or other governmental agencies. (3) For purposes of this section and to reduce the points of contact that the division

may have to maintain, the division may use the nationwide mortgage licensing system

and registry as a channeling agent for requesting information from and distributing

information to any source as determined by the division. (I) A mortgage loan originator license, or the authority granted under that license,

is not assignable or transferable.