Ohio House Passes the
“OHIO MORTGAGE LENDING ACT”
On Wednesday, June 21, 2017 the Ohio House of Representatives passed the Ohio Mortgage Lending Act. The bill, a working project of OMBA’s for nearly 3 years, modernizes the licensing and company registration process with the State of Ohio. Some key provisions of the bill are:
- All loans secured by 1-4 unit residential property, both first and subordinate liens, will fall under Section 1322 of the Ohio Revised Code, requiring only 1 license;
- All non-depository companies will become registrants, alleviating the possibility of unknowingly engaging in unlicensed activity;
- Special accounts will no longer be required; and
- Only unsecured loans and loans secured by collateral other than real estate will require a license under Section 1321 of the O.R.C.
The bill will now move to the Ohio Senate for introduction after the summer break. For a copy of the house bill, as passed, click HERE.
DIAMOND, PLATINUM and GOLD