Ohio § 1322.45
Full text of Ohio Ohio Revised Code § 1322.45, with citation guidance and answers to common questions.
§ 1322.45.
(A) A registrant, a licensee, and any person required to be registered or licensed under
this chapter, in addition to duties imposed by other statutes or common law, shall
do all of the following: (1) Safeguard and account for any money handled for the buyer; (2) Follow reasonable and lawful instructions from the buyer; (3) Act with reasonable skill, care, and diligence; (4) Act in good faith and with fair dealing in any transaction, practice, or course of
business in connection with the brokering or originating of any residential mortgage
loan; (5) Make reasonable efforts to secure a residential mortgage loan, from lenders with
whom the registrant, licensee, or person regularly does business, with rates, charges,
and repayment terms that are advantageous to the buyer. (B) Division (A) of this section shall not apply to wholesale lenders. However, wholesale lenders are subject to all other requirements applicable to mortgage
brokers and nonbank mortgage lenders. For purposes of this division, “ wholesale lender ” means a company that has been issued a certificate of registration and that enters
into transactions with buyers exclusively through unaffiliated third-party mortgage
brokers. (C) The duties and standards of care created in this section cannot be waived or modified. (D)(1) A buyer injured by a failure to comply with this section may bring an action for
recovery of damages. (2) Damages awarded under division (D)(1) of this section shall not be less than all
compensation paid directly or indirectly to a mortgage broker from any source, plus
reasonable attorney's fees and court costs. (3) The buyer may be awarded punitive damages. (E) A buyer injured by a failure to comply with this section is precluded from recovering
any damages, plus reasonable attorney's fees and costs, if the buyer has also recovered
any damages in a cause of action initiated under section 1322.52 of the Revised Code and the recovery of damages for a failure to comply with this section is based on
the same acts or circumstances as the basis for recovery of damages in section 1322.52 of the Revised Code . (F) This section shall not be interpreted by the superintendent to require a separate
account for deposit of buyer funds.
Frequently Asked Questions About Ohio § 1322.45
What does Ohio Revised Code § 1322.45 cover?
Section 1322.45 is part of the Ohio Revised Code, the codified statutory law of Ohio. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Ohio § 1322.45?
A common citation format is "Ohio Revised Code § 1322.45" (Ohio). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 1322.45 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Ohio.