(A) Division (G) of
section 1345.05 of the Revised Code
requires that the "Informational Document" published by the attorney general in
accordance with division (A)(4) of section
1345.05 of the Revised Code
shall be made available for distribution to consumers who are applying for a
mortgage loan. An "Acknowledgement of Receipt" form shall be retained by the
lender, mortgage broker, and loan officer, as applicable, subject to review by
the attorney general and department of commerce.
(B) The supplier who takes the consumer's
mortgage loan application shall provide the required "Informational Document"
and "Acknowledgement of Receipt" form to the applying consumer, free of cost:
(1) At the time of application when the loan
application is submitted by the consumer in person; or,
(2) Within five business days after taking
the loan application if the loan is not submitted in person, i.e., via
internet, facsimile or telephone.
(C) The "Acknowledgment of Receipt" form must
be in writing, in duplicate, in at least fourteen point type, signed and dated
by the consumer making the application, and shall read according to addendum A
of this rule.
(D) If a supplier
provides the "Informational Document" and "Acknowledgement of Receipt" form
other than in person, the supplier must also provide the consumer with
instructions on completing the form and a cost-free method by which the
consumer can return the signed original to the supplier.
(E) The supplier providing the "Informational
Document" shall retain the original or a copy of the "Acknowledgment of
Receipt" form in the consumer's loan file for a period of at least two years
from the date of closing, or as required by other applicable state or federal
law, whichever time period is greater. The supplier may retain the
"Acknowledgement of Receipt" form in an electronic format.
(F) Neither the requirement that the
"Informational Document" be provided to the mortgage loan applicant nor the
requirement of providing, obtaining, and retaining the "Acknowledgement of
Receipt" form can be waived.
(G)
The "Informational Document" and "Acknowledgment of Receipt" form may be
provided to the consumer with other disclosures or forms required to be
provided to the consumer by federal or state law.
(H) In the event that the consumer fails to
return the "Acknowledgement of Receipt" form to the supplier, the supplier may
satisfy the requirements of division (G) of section
1345.05 of the Revised Code and
this rule by presenting documentary proof that the supplier mailed, delivered,
or electronically transmitted the required documents within the required time
period.
(I) It is an unfair or
deceptive act or practice in violation of division (A) of section
1345.02 of the Revised Code for
a supplier required to retain the "Acknowledgement of Receipt" form pursuant to
division (G) of section
1345.05 of the Revised Code and
this rule to fail to promptly respond to a request by the attorney general or
department of commerce to review the "Acknowledgement of Receipt" form.
Appendix 1 ADDENDUM A
Acknowledgment of Receipt of Home Mortgage Loan
Informational Document
Ohio Revised Code Section
1345.05(G)
Ohio Law requires that consumers applying for a mortgage loan
receive the Home Mortgage Loan Informational Document and this Acknowledgement
of Receipt from their loan officer, mortgage broker or nonbank mortgage lender.
By signing this form you acknowledge that you have received the Informational
Document (check one):
_____ at the time you applied for a mortgage loan if you
applied in person; or,
_____ within five business days of your loan application if you
did not apply in person (for example if you applied via the internet, facsimile
or by telephone).
_______________________ _______________________
Date of Receipt Loan Applicant #1
_______________________ ________________________
Date of Receipt Loan Applicant #2
After signing this form, please keep the "customer copy" of the
Acknowledgement of Receipt form and provide the original to the person or
company that gave or sent you the Informational Document.
