Ohio § 1322.41 Prohibited interest in appraisal company

Ohio Statutes

§ 1322.41 — Prohibited interest in appraisal company

Ohio § 1322.41

Title 13Commercial Transactions

Ch. 1322Ohio Residential Mortgage Lending Act (RMLA)

This text of Ohio § 1322.41 (Prohibited interest in appraisal company) is published on Counsel Stack Legal Research, covering Ohio primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ohio Rev. Code Ann. § 1322.41 (2026).

Text

(A)Except as otherwise provided in division (B) of this section, no registrant, or any member of the immediate family of an owner of a registrant, shall own or control a majority interest in an appraisal company.

(B)Division (A) of this section shall not apply to any registrant, or any member of the immediate family of an owner of a registrant, who, on January 1, 2010, directly or indirectly owns or controls a majority interest in an appraisal company. However, such ownership or control is subject to the following conditions:

(1)The registrant and members of the immediate family of an owner of a registrant shall not increase their interest in the company.

(2)The interest is not transferable to a member of the immediate family of an owner of a registrant.

(3)If the registrant is co

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(A) Except as otherwise provided in division (B) of this section, no registrant, or any member of the immediate family of an owner of a registrant, shall own or control a majority interest in an appraisal company.

(B) Division (A) of this section shall not apply to any registrant, or any member of the immediate family of an owner of a registrant, who, on January 1, 2010, directly or indirectly owns or controls a majority interest in an appraisal company. However, such ownership or control is subject to the following conditions:

(1) The registrant and members of the immediate family of an owner of a registrant shall not increase their interest in the company.

(2) The interest is not transferable to a member of the immediate family of an owner of a registrant.

(3) If the registrant is convicted of or pleads guilty or nolo contendere to a criminal violation of this chapter or any criminal offense described in division (A)(1)(b) of section1322.50of the Revised Code, the superintendent of financial institutions may, in addition to any of the actions authorized under section1322.50of the Revised Code, order the registrant or members of the immediate family of an owner of a registrant to divest their interest in the company.

Last updated April 27, 2021 at 5:18 PM