Second Mortgage Loan Companies

The Second Mortgage Credit Companies

Amendments suggested to the Ohio Mortgage Loan Act and the Small Loans Act OMLA governs the non-custodian second mortgage creditors and service providers. Require registration and licensee to retain genuine trial files and documentation, in particular written submissions, judicial orders and judgements. Apply all applicable rules on publicity, such as restrictions on non-qualified ultralatives and publication of specific conditions such as web, phone, fax and e-mail.

Extends the period of preservation of promotional materials from one year to two years from the date of use or distribution, with the obligation to make available to the Department upon demand a copy. Enables a registrant or licensee, with the Agent's prior consent in writing, to retain their record and document by means of copy, photograph or alternative means of preservation that meet specified needs.

Offenlegungspflichten / Documents: Require conspicuous publication on loan documentation of national or state legislation approving the documentation. They list the public bodies under which loan documentation can be approved. Duty of disclosure / insurer: Require licencees and enrollees to provide written disclosures of the relation between them and the issuer when taking out a policy on creditors' account at the cost of the debtor.

Requests for notification / discontinuation of operation: Required by regulators and licencees to provide the Department with the locations of recordings for companies that cease operations. Reporting Requirement / Changes to Material: Require registration and licensee to inform the Division within thirty working days of any such modification of any "material change" to the information included in the marketing authorisation request or accompanying documentation.

Disallows Registerants or Licencees from owning other licences or enrolments of the Department if the Registerant is in violation of any government or state loan laws. Gives the Division the power to defer, cancel or decline the extension of a registry granted by the Division because it has not retained the necessary record.

Enables the registrant to offer the possibility of brokering to creditors in supplement to or as part of their credit change processes. Require registration to include a toll-free number within the notification of defaults, under which the Mortgagor may address billing issues and training opportunities in the case of a mortgage failure. Demands that a registrant make available payments'in a way that a prudent creditor should understand' Section 1301:8-3-07(K).

Required by Registerants, if the amendment to a Default Loan cannot be obtained, that they make available to the Mortgagor, by phone and in writing, the contacting information for the individual authorised to review the reintegration and sealing off option at least ten working days in advance of referring it to the Legal Adviser. Requests for notification: Extends the notice to the Mortgagor, which may include at least six months' notice in writing and attempt to notify the Mortgagor by telephone of interest deferral data if any.

In addition, disclosure in writing must include, but is not limited to, index/formulation notes, a toll-free number under which solvency issues and workflow option discussions may take place, alternate option offerings, include forced sale offerings, indulgence and funding, and bona fide information about expected prospective interest rate defaults.

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