Ohio Admin. Code 1301:8-4-01 - Definitions and general provisions
(A) "Finance charge" as used in sections
1321.71 to
1321.84 of the Revised Code and
Chapter 1301:8-4 of the Administrative Code means the finance charge rate
authorized in such sections, and shall not have the meaning set forth for that
term in the bureau of consumer financial
protection
federal reserve board
regulation Z on truth in lending, 12 C.F.R. 1026.4
226.4 as
in effect on
amended
on
April 1, 2014
November 1, 2008. The acquisition charge permitted
in division (C) of section
1321.79 of the Revised Code is a
finance charge. Where the acquisition charge is nonrefundable it shall be
treated as a finance charge for purposes of division (D) of section
1321.79 of the Revised
Code.
(B) For purposes of sections
1321.71 to
1321.84 of the Revised Code and
Chapter 1301:8-4 of the Administrative Code, "date of cancellation " shall mean
the date specified in the notice of cancellation mailed by the licensee to the
insurer. The licensee may assess a cancellation charge on or after the date of
cancellation . In the event of the reinstatement of a canceled insurance policy,
the licensee may assess a cancellation charge on each additional occasion that
it mails a notice to the insurer.
(C)
(1) As
used in sections 1321.73 and
1321.74 of the Revised Code and
Chapter 1301:8-4 of the Administrative Code, "net worth " shall mean the
difference between total assets and total indebtedness, as determined by
generally accepted accounting principles.
as amended on November 1, 2008.
(2) The division may by written notice
require an audited financial statement by an independent certified public
accountant, the cost of which shall be paid by the licensee or
applicant.
Notes
Promulgated Under: 119.03
Statutory Authority: 1321.77
Rule Amplifies: 1321.73, 1321.74, 1321.79
Prior Effective Dates: 07/10/1995, 06/03/2004, 08/01/2009, 02/13/2015
Promulgated Under: 119.03
Statutory Authority: 1321.77
Rule Amplifies: 1321.73, 1321.74, 1321.79
Prior Effective Dates: 7/10/95, 6/3/04, 8/01/09
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