Ohio § 1322.21

§ 1322.21.

(A) Upon the conclusion of the investigation required under division (C) of section 1322.20 of the Revised Code , the superintendent of financial institutions shall issue a mortgage loan originator

license to the applicant if the superintendent finds that the following conditions

are met: (1) The application is accompanied by the application fee and any fee required by the

nationwide mortgage licensing system and registry. (a) If a check or other draft instrument is returned to the superintendent for insufficient

funds, the superintendent shall notify the applicant by certified mail, return receipt

requested, that the application will be withdrawn unless the applicant, within thirty

days after receipt of the notice, submits the application fee and a one-hundred-dollar

penalty to the superintendent.  If the applicant does not submit the application fee and penalty within that time

period, or if any check or other draft instrument used to pay the fee or penalty is

returned to the superintendent for insufficient funds, the application shall be withdrawn. (b) If a check or other draft instrument is returned to the superintendent for insufficient

funds after the license has been issued, the superintendent shall notify the licensee

by certified mail, return receipt requested, that the license issued in reliance on

the check or other draft instrument will be canceled unless the licensee, within thirty

days after receipt of the notice, submits the application fee and a one-hundred-dollar

penalty to the superintendent.  If the licensee does not submit the application fee and penalty within that time

period, or if any check or other draft instrument used to pay the fee or penalty is

returned to the superintendent for insufficient funds, the license shall be canceled

immediately without a hearing, and the licensee shall cease activity as a loan originator. (2) The applicant has not made a material misstatement of fact or material omission of

fact in the application. (3) The applicant has not been convicted of or pleaded guilty or nolo contendere to a

disqualifying offense as determined in accordance with section 9.79 of the Revised Code . (4) The applicant completed the prelicensing instruction set forth in division (B) of section 1322.20 of the Revised Code . (5) The applicant's financial responsibility and general fitness 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 this chapter.  The superintendent shall not use a credit score or bankruptcy as the sole basis

for a license denial. (6) The applicant is in compliance with the surety bond requirements of section 1322.32 of the Revised Code . (7) The applicant has not had a mortgage loan originator license, or comparable authority,

revoked in any governmental jurisdiction. (B) The license issued under division (A) of this section may be renewed annually on

or before the thirty-first day of December if the superintendent finds that all of

the following conditions are met: (1) The renewal application is accompanied by a nonrefundable renewal fee of two hundred

dollars and any fee required by the nationwide mortgage licensing system and registry.  If a check or other draft instrument is returned to the superintendent for insufficient

funds, the superintendent shall notify the licensee by certified mail, return receipt

requested, that the license renewed in reliance on the check or other draft instrument

will be canceled unless the licensee, within thirty days after receipt of the notice,

submits the renewal fee and a one-hundred-dollar penalty to the superintendent.  If the licensee does not submit the renewal fee and penalty within that time period,

or if any check or other draft instrument used to pay the fee or penalty is returned

to the superintendent for insufficient funds, the license shall be canceled immediately

without a hearing, and the licensee shall cease activity as a loan originator. (2) The applicant has completed at least eight hours of continuing education as required

under section 1322.28 of the Revised Code . (3) The applicant meets the conditions set forth in divisions (A)(2), (4), (5), (6),

and (7) of this section. (4) The applicant has not been convicted of or pleaded guilty or nolo contendere to any

of the following in a domestic, foreign, or military court: (a) During the seven-year period immediately preceding the date of the renewal application

but excluding any time before the license was issued, a misdemeanor involving theft

or any felony; (b) At any time between the date of the original license and the date of the renewal

application, a felony involving an act of fraud, dishonesty, a breach of trust, theft,

or money laundering. (5) The applicant's license is not subject to an order of suspension or an unpaid and

past due fine imposed by the superintendent. (C)(1) Subject to division (C)(2) of this section, if a license renewal application fee,

including any fee required by the nationwide mortgage licensing system and registry,

is received by the superintendent after the thirty-first day of December, the license

shall not be considered renewed, and the applicant shall cease activity as a mortgage

loan originator. (2) Division (C)(1) of this section shall not apply if the applicant, not later than

forty-five days after the renewal deadline, submits the renewal application and any

other required fees and a one-hundred-fifty-dollar penalty to the superintendent. (D) Mortgage originator licenses annually expire on the thirty-first day of December. (E) The pardon or expungement of a conviction shall not be considered a conviction for

purposes of this section.  When determining the eligibility of an applicant, the superintendent may consider

the underlying crime, facts, or circumstances connected with a pardoned or expunged

conviction. (F) Notwithstanding any provision of this chapter to the contrary, the superintendent

shall issue a mortgage loan originator 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 as a mortgage loan originator in

a state that does not issue that license.