Ohio Admin. Code 109:4-3-30 - Limitation on advance payments
(A) Division (B)(9) of section
1345.031 of the Revised Code
prohibits a supplier from arranging for or making a consumer transaction that
includes terms under which more than two periodic payments required under the
consumer transaction are consolidated and paid in advance from the loan
proceeds provided to the consumer.
(B) The provisions of division (B)(9) of
section 1345.031 of the Revised Code
shall not apply to any residential mortgage loan with a maturity of less than
one year, if the purpose of the loan is a "bridge" loan connected with the
acquisition or construction of a dwelling intended to become the consumer's
principal dwelling. However, this exemption shall not apply to a "covered loan"
as that term is defined under division (D) of section
1349.25 of the Revised Code, or
a mortgage under section 152(a) of the " Home Ownership and Equity Protection
Act of 1994," 108 Stat. 2190,
15 U.S.C. 1602(aa), as amended, and
the regulations adopted thereunder by the federal reserve board, as amended.
Notes
Promulgated Under: 1345.05
Statutory Authority: 1345.05
Rule Amplifies: 1345.031(B)(9)
Prior Effective Dates: 01/07/2007
Promulgated Under: 119.03
Statutory Authority: 1345.05
Rule Amplifies: 1345.031(B)(9)
Prior Effective Dates: 1/7/07
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