§ 1322.55 — Adoption of rules to parallel federal SAFE Act

Ohio § 1322.55

• Jurisdiction: Ohio
• Title 13: Commercial Transactions
• Ch. 1322: Ohio Residential Mortgage Lending Act (RMLA)

Text

(A) Notwithstanding any provision of this chapter, or any rule adopted thereunder, if the "Secure and Fair Enforcement for Mortgage Licensing Act of 2008," 122 Stat. 2810, 12 U.S.C. 5101, as amended, is modified after October 16, 2009, or any regulation, statement, or position is adopted under that act, and the item modified or adopted affects any matter within the scope of this chapter, the superintendent of financial institutions may by rule adopt a similar provision.

(B) The superintendent shall adopt the rules authorized by this section in accordance with section111.15of the Revised Code. Chapter 119. of the Revised Code does not apply to rules adopted under the authority of this section.

(C) A rule adopted by the superintendent under the authority of this section is effective on the later of the following dates:

(1) The date the superintendent issues the rule;

(2) The date the regulation, rule, interpretation, procedure, or guideline the superintendent's rule is based on becomes effective.

(D) The superintendent may, upon thirty days' written notice, revoke any rule adopted under the authority of this section. A rule adopted under the authority of this section, and not revoked by the superintendent, lapses and has no further force and effect eighteen months after the rule's effective date.

Last updated June 22, 2021 at 2:39 PM

Legislative History

Effective: March 23, 2018 | Latest Legislation: House Bill 199 - 132nd General Assembly