Ohio Admin. Code 1301:8-7-03 - Standards for applications, certificates of registration, letters of exemption, and licenses
(A)
Submitting an
application for a certificate of registration, letter of exemption or license
via the NMLS does not authorize the applicant to begin acting as a registrant,
qualified exempt entity, or licensee. The applicant must first receive an
active certificate of registration, letter of exemption or license from the
superintendent to be authorized to begin acting as a registrant, qualified
exempt entity, or licensee.
(B)
Each question
and answer on the NMLS, including any exhibit or attachment, is material to the
application process. Submitting false or fraudulent information or omitting
information is grounds to refuse to issue the certificate of registration,
letter of exemption, or license and may subject the applicant and individuals
who signed and attested to the application to administrative, civil, or
criminal actions.
(C)
Engaging in mortgage broker or loan origination
activity on or after the first day of January by a person who fails to submit a
renewal application via the NMLS by the thirty-first day of January constitutes
activity without a certificate of registration or license in violation of
Chapter 1322. of the Revised Code, and the person engaged in the violation may
be subject to administrative, civil, or criminal actions.
(D)
Registrants,
qualified exempt entities, licensees, and applicants are responsible for
ensuring that all information maintained on the NMLS is current and accurate.
If information on the NMLS becomes out-of-date or inaccurate for any reason,
the registrant, qualified exempt entity, licensee or applicant shall correct
the information within ten business days of the change unless a different time
frame is specified in Chapter 1322. of the Revised Code or rule
1301:8-7-19
of the Administrative Code.
(E)
In order to
apply for an active license, a licensee or applicant to be a licensee shall
have a sponsorship request submitted via the NMLS on his or her behalf by the
registrant or qualified exempt entity with whom the licensee or applicant seeks
to be associated or employed.
(F)
Having a
sponsorship submitted via the NMLS is not sufficient to activate a license. To
be authorized to originate residential mortgage loans for a registrant or
qualified exempt entity, the sponsorship request must be approved by the
superintendent and the loan originator must receive an active license from the
superintendent.
(G)
An individual or registered loan originator may obtain
or maintain a license in escrow without having a sponsorship submitted via the
NMLS on his or her behalf by a registrant or qualified exempt entity. The
licensee shall not originate residential mortgage loans while his or her
license is in escrow.
(H)
A licensee shall not originate a residential mortgage
loan for a transaction that is governed by sections
1321.51 to
1321.60 of the Revised Code
unless the individual is licensed as a mortgage loan originator as that term is
defined in division (P) of section
1321.51 of the Revised Code. An
individual may obtain a loan originator license under Chapter 1322. of the
Revised Code and a mortgage loan originator license under sections
1321.51 to
1321.60 of the Revised Code if
the individual's sponsor is registered to originate loans pursuant to both
statutes. An individual shall not be employed by or associated with more than
one registrant or qualified exempt entity at any one time. For purposes of this
paragraph, registrant includes a person registered under sections
1321.51 to
1321.60 of the Revised
Code.
(I)
When transferring to a different registrant or
qualified exempt entity, or when a loan originator seeks to activate an
escrowed license, a nonrefundable fifteen dollar fee plus applicable NMLS fees
must be submitted via the NMLS.
(J)
An applicant may
request the withdrawal of an application for a certificate of registration,
letter of exemption or license prior to a determination on the application
being made by the superintendent by submitting a request via the NMLS. The
application may only be withdrawn with the permission of the superintendent. An
application withdrawn at the request of the applicant may only be re-activated
within seven calendar days of the withdrawal for good cause shown and at the
discretion of the superintendent. A withdrawn application does not prohibit a
person from reapplying.
(K)
An escrowed or suspended license is subject to all of
the following:
(1)
If a license is placed in escrow or suspended, the
licensee shall comply with the continuing education requirements of section
1322.052 of the Revised Code. Placing a license in escrow or having a license
suspended does not extend or toll the time for completion of the licensee's
continuing education requirements;
(2)
An escrowed or
suspended license may be renewed pursuant to division (B) of section 1322.041
of the Revised Code;
(3)
An escrowed or suspended license is subject to
suspension, refusal, revocation, or any other administrative, civil, or
criminal actions for conduct occurring before, during, or after the license was
placed in escrow or suspended status.
(L)
A suspended
certificate of registration or letter of exemption is subject to all of the
following:
(1)
A suspended certificate of registration or letter of exemption may be renewed
pursuant to division (C) of section
1322.04 or division (D) of
sections 1322.022 and 1322.023 of the
Revised Code, respectively;
(2)
A suspended
certificate of registration or letter of exemption is subject to refusal,
revocation, or any other administrative, civil, or criminal actions for conduct
occurring before, during or after the suspension.
(M)
A suspended
certificate of registration, letter of exemption, or license may be returned to
active status if it meets all of the following:
(1)
The
superintendent believes that all conditions which led to the suspension have
been remedied;
(2)
The registrant, qualified exempt entity, or licensee
is otherwise eligible to hold an active certificate of registration, letter of
exemption, or license.
(N)
A certificate of
registration, letter of exemption or license may be surrendered in accordance
with the following:
(1)
A person may voluntarily surrender a certificate of
registration, letter of exemption, or license unless the person is being
investigated by the superintendent or another financial institution regulatory
authority as defined in division (C) of section 1322.061 of the Revised Code,
or a notice of opportunity for a hearing has been issued by the superintendent
in accordance with Chapter 119. of the Revised Code. A person may surrender by
submitting a written statement to the superintendent or by submitting a request
via the NMLS. The certificate of registration, letter of exemption or license
may only be surrendered with the permission of the
superintendent;
(2)
A surrendered certificate of registration, letter of
exemption or license is subject to administrative, civil, or criminal actions
for conduct occurring before, during or after the surrender and does not impair
or affect the obligation of a pre-existing lawful contract between the
registrant, qualified exempt entity or licensee and any person, including a
borrower.
Replaces: 1301:8-7-03
Notes
Promulgated Under: 119.03
Statutory Authority: 1322.12
Rule Amplifies: 1322.02, 1322.022, 1322.023, 1322.031, 1322.041
Prior Effective Dates: 1/22/1995, 9/1/2006, 6/1/2007
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