Application for license – investigation – relationship.
All charges compensated towards the superintendent pursuant for this division will be deposited in to the state treasury towards the credit for the customer finance fund.
(A) Application for the original or renewal license to make short-term loans will be on paper, under oath, plus in the shape recommended because of the superintendent of finance institutions, and shall retain the title and target for the applicant, the spot that the business of earning loans will be carried out, and any more information due to the fact superintendent calls for. The applicant shall pay to the superintendent a nonrefundable investigation fee of two hundred dollars at the time of making an application for an original license. No investigation cost or any portion thereof shall be refunded after a license that is original been granted. The program for a genuine or renewal permit shall be associated with a genuine or license that is renewal, for every company location of 1 thousand dollars, except that applications for initial licenses granted on or following the very first day’s July for just about any 12 months will be followed by a genuine permit cost of five hundred bucks, and except that a credit card applicatoin for an original or renewal license, for the nonprofit business this is certainly integrated under Chapter 1702. for the Revised Code, will probably be followed closely by an authentic or renewal permit charge, for every single company location, this is certainly one-half of this cost otherwise needed.
(B) Upon the filing of a software for an initial permit and, with regards to an application filed for a renewal permit, on a routine based on the superintendent by rule adopted pursuant to area 1321.43 regarding the Revised Code, and also the re re payment of costs relative to unit (A) with this area, the superintendent shall investigate the important points in regards to the applicant plus the needs supplied by this division. The superintendent shall request the superintendent of this bureau of unlawful identification and research, or a merchant authorized by the bureau, to conduct a records that are criminal on the basis of the applicant’s fingerprints relative to part 109.572 associated with the Revised Code. Notwithstanding division (K) of area 121.08 regarding the Revised Code, the superintendent of banking institutions shall request that criminal background information through the federal bureau of research be acquired as an element of the criminal history records check. The superintendent of financial institutions shall conduct a civil documents check. The superintendent shall accept a credit card applicatoin and problem an original or renewal license to the applicant if the superintendent finds every one of the after:
(1) The economic duty, experience, reputation, and basic physical physical fitness of this applicant are such as to justify the fact that the business enterprise of creating loans will likely to be operated lawfully, genuinely, and fairly under parts 1321.35 to 1321.48 associated with the Revised Code and in the purposes of the parts; that the applicant has completely complied with those parts and any guideline or purchase used or released pursuant to part 1321.43 for the Revised Code; and that the applicant is qualified to take part in the business enterprise of earning loans under parts 1321.35 to 1321.48 associated with Revised Code.
regarding the Revised Code, a worth that is net of lower than fifty thousand bucks.
(2) The applicant is economically sound and contains a net worth of for around a hundred thousand bucks, or in the scenario of a nonprofit organization that is included under Chapter 1702. The applicant’s web worth shall be computed based on generally accepted accounting axioms.
(3) The applicant has never really had revoked a permit in order to make loans under parts 1321.35 to 1321.48 associated with the Revised Code, under former sections 1315.35 to 1315.44 associated with Revised Code, or even to work under parts 1315.21 to 1315.30 associated with the Revised Code.