Ohio § 3953.30

§ 3953.30.

(A) As used in this section: (1) “ Residential mortgage loan ” means an obligation to pay a sum of money evidenced by a note and secured by a lien

upon real property located within this state containing two or fewer residential units

or on which two or fewer residential units are to be constructed and includes such

an obligation on a residential condominium or cooperative unit. (2) “ Residential mortgage lender ” means any person, including, but not limited to, banks, savings and loan associations,

mortgage brokers, credit unions, or savings banks, that lends money or extends or

grants credit and obtains a residential mortgage to assure payment of the debt. (B) A title insurance agent issuing a lender's title insurance policy in conjunction

with a residential mortgage loan made simultaneously with the purchase of all or part

of the real property securing the loan, where no owner's title insurance policy has

been requested, shall give written notice, on a form prescribed or approved by the

superintendent of insurance, to the mortgagor at the time the commitment is prepared.  The notice shall explain that a lender's title insurance policy is to be issued

protecting the residential mortgage lender, and that the policy does not provide title

insurance protection to the mortgagor as the owner of the property being purchased.  The notice shall explain what an owner's title insurance policy insures against

and what possible exposures exist for the mortgagor that could be insured against

through the purchase of an owner's title insurance policy.  The notice shall state that the mortgagor may obtain an owner's title insurance

policy protecting the mortgagor as the owner of the property, either at a specified

cost or at an approximate cost if the proposed coverages or amount of insurance is

not then known.  The title insurance agent shall maintain a copy of the notice, signed by the mortgagor,

for at least ten years after the effective date of the lender's title insurance policy.