Five or more natural persons (or a corporation under limited circumstances) wishing to incorporate and obtain a charter for a bank in Ohio must submit an application, a detailed business plan, fingerprint cards, and an application fee. The Division must find that the proposed bank will serve the convenience and needs of the public, that the area will adequately support the proposed bank, that the competence, experience, and integrity of the proposed officers and directors are sufficient, and that capital is adequate. Banks are required to be insured by the Federal Deposit Insurance Corporation (FDIC).

Banks pay an annual assessment fee. New branch locations, change of control, and many other business activities must be pre-approved by the Division and the appropriate federal regulatory agency.

State-chartered banks must comply with a variety of state and federal statutes and regulations governing their operations and operations of subsidiaries. These range from specific limitations on affiliate transactions and loans to one borrower to ongoing capital requirements and director/officer responsibilities.

Both state and federal regulatory agencies conduct periodic safety and soundness examinations, reviewing policies, controls, and activities of state-chartered commercial banks. Bank examination information is privileged and confidential and may not be disclosed unless the Division takes administrative action or the matter involves a criminal investigation.

Additionally, no person may conduct business in this state using the word "bank," "banker," or "banking" in its name without the permission of the Division or conduct business in this state as a bank without being properly chartered.

Seven or more natural persons, a majority of whom must be Ohio citizens, wishing to incorporate and obtain a charter for a credit union in Ohio must submit executed articles of incorporation, code of regulations, statutory agent, and fee for the Secretary of State. Within thirty days, the Division will review the charter application and file the articles if the documents contain all of the provisions required by statute. Credit unions are required to be insured by either the National Credit Union Association or a credit union guaranty corporation.

Credit unions pay a supervisory fee based on asset size. New branch locations, change of control, and many other business activities must be pre-approved by the Division.

State-chartered credit unions are subject to a variety of state statutes and regulations governing their operations and operations of subsidiaries. These range from specific limitations on investments and loan policies to ongoing capital requirements and director/officer responsibilities.

Credit unions are subject to periodic safety and soundness examinations, which include reviews of policies, controls, and activities. Credit union examination information is privileged and confidential and may not be disclosed unless the Division takes administrative action or the matter involves a criminal investigation.

Additionally, no person may conduct business in this state using the words "credit union" in its name without the permission of the Division or conduct business in this state as a credit union without being properly chartered.

A person wishing to incorporate and obtain a charter for a savings and loan association in Ohio must submit an application, including a detailed business plan, fingerprint cards, and appropriate corporate documents. The savings and loan association must have minimum capital (from two to ten million dollars) as determined by the Division. The Division must review the qualifications, experience and proposed compensation of proposed officers and directors. Savings and loan associations are required to be insured by the Federal Deposit Insurance Corporation (FDIC). It may be either a stock or mutual corporation.

Savings and loan associations pay an annual assessment fee. New branch locations, change of control, and many other business activities must be pre-approved by the Division and the appropriate federal regulatory agency.

State-chartered savings and loan associations must comply with a variety of state and federal statutes and regulations governing their operations and operations of subsidiaries. These range from specific limitations on affiliate transactions and loans to one borrower to ongoing capital requirements and director/officer responsibilities.

Both state and federal regulatory agencies conduct periodic safety and soundness examinations, reviewing policies, controls, and activities of state-chartered savings and loans. Examination information is privileged and confidential and may not be disclosed unless the Division takes administrative action or the matter involves a criminal investigation.

Additionally, no person may conduct business in this state using words which indicate it is or conduct business in this state as a savings and loan association without being properly chartered.

A person wishing to incorporate and obtain a charter for a savings bank in Ohio must submit an application, including a detailed business plan, fingerprint cards, and appropriate corporate documents. The savings bank must have minimum capital (from two to ten million dollars) as determined by the Division. The Division must review the qualifications, experience and proposed compensation of proposed officers and directors. Savings banks are required to be insured by the Federal Deposit Insurance Corporation (FDIC).

Savings banks pay an annual assessment fee. New branch locations, change of control, and many other business activities must be pre-approved by the Division and the appropriate federal regulatory agency.

State-chartered savings banks must comply with a variety of state and federal statutes and regulations governing their operations and operations of subsidiaries and affiliates. These range from specific limitations on affiliate transactions and loans to one borrower to ongoing capital requirements and director/officer responsibilities.

Both state and federal regulatory agencies conduct periodic safety and soundness examinations, reviewing policies, controls, and activities of state-chartered savings banks. Examination information is privileged and confidential and may not be disclosed unless the Division takes administrative action or the matter involves a criminal investigation.

Additionally, no person may conduct business in this state using words which indicate it is or conduct business in this state as a savings bank without being properly chartered.

Money transmitters may be licensed as domestic money transmitters (which only transmit money within the United States) or as foreign money transmitters (which transmit money to foreign countries). Persons wishing to become licensed must submit an application, fingerprint cards, proof of a surety bond or security deposit, and fee. The Division must determine that the person is financially sound, has appropriate net worth, maintains appropriate investments in an amount equal at all times to the aggregate of all outstanding checks, and will conduct the business fairly, honestly, and efficiently. Licenses are renewed annually by filing a renewal application, providing audited financial statements, and a renewal fee.

No person is permitted to transmit money unless licensed or specifically exempt (e.g. chartered financial institutions). Examples of activities requiring licensing include issuing money orders or traveler’s checks, and collection of payments to be forwarded to lenders or vendors (e.g. utility payments or bimonthly mortgage payments). The Division can investigate alleged violations and may examine licensees.

List Of Money Transmitters

A person wishing to become a check casher must submit an application, a fingerprint card, a license fee, and a nonrefundable investigation fee. The division must investigate the financial condition, responsibility, character and general fitness of the applicant, including requesting a criminal background check. The applicant must have a net worth of at least twenty-five thousand dollars.

Licenses must be renewed annually by filing a renewal application and annual licensing fee. Each check cashing office location must be individually licensed. If an office is to be relocated, the licensee must obtain a new license from the Division prior to conducting business at the new location.

Licensees must comply with specific recordkeeping, advertising and business practices as outlined by statute or rule. For example, all check cashing business locations must be licensed, the check cashing licenses must be conspicuously displayed, fee schedules must be displayed, fees for cashing government checks cannot exceed specified amounts, customers must receive receipts with the amounts of the checks and the fees noted, and certain records must be maintained for two years.

The Division can investigate licensees, including issuing subpoenas to ensure compliance with the law. The Division may revoke or suspend a license, or fine a licensee, subject to the Administrative Procedures Act. The State is the sole regulator of check cashing businesses.

A person wishing to become a check casher lender must already be licensed as a check casher and must submit an application, a fingerprint card, a license fee and a nonrefundable investigation fee. The Division must investigate the financial condition, responsibility, character and general fitness of the applicant, including a criminal background check. The applicant must have a net worth of at least one hundred thousand dollars.

Licenses may be renewed annually by filing a renewal application and paying an annual licensing fee. Each check cashing loan business must be individually licensed. If an office is to be relocated, the licensee must obtain a new license from the Division prior to conducting business at the new location.

Licensees must comply with specific recordkeeping, advertising and business practices as outlined by statute or rule. For example, all check cashing loan business locations must be licensed, the check cashing loan license must be conspicuously displayed, the loan origination fees and interest charges may not exceed specified amounts, customers must receive written loan agreements, loans may not be renewed, no person may have more than one outstanding loan with a particular check cashing loan business at any one time and certain records must be maintained for two years.

The Division can investigate licensees, including issuing subpoenas, to ensure compliance with the law. The Division may revoke or suspend a license subject to the Administrative Procedures Act.

A person wishing to become a small loan company must submit an application, a fingerprint card, a license fee and a nonrefundable investigation fee. The Division must investigate the financial condition, responsibility, experience, reputation and general fitness of the applicant, including requesting a criminal background check. The applicant must have at least twenty-five thousand dollars in cash or readily available money available for the operation of the business.

Licenses may be renewed annually by filing a renewal application, a licensing fee and, if the Division determines it is necessary, an annual assessment based on the amount of interest and other finance charges collected by the licensee. Each small loan company location must be individually licensed. If an office is to be relocated, the licensee must obtain a new license from the Division prior to conducting business at the new location.

Licensees must comply with specific recordkeeping, advertising and business practices as outlined by statute or rule. For example, all small loan company offices must be licensed, the small loan licenses must be conspicuously displayed, the interest rates and fees that may be charged on small loans are limited, no loans may be made in amounts of more than five thousand dollars, no loans may be secured by liens against real property, and certain records must be maintained for two years.

The Division can investigate licensees and anyone who appears to be making small loans without a license, and has the power to issue subpoenas as part of the investigative process. The Division may also issue cease and desist orders, or revoke or suspend a license, subject to the Administrative Procedures Act.

A person wishing to register under the Ohio Mortgage Loan Act must submit an application, a fingerprint card, a registration fee and a nonrefundable investigation fee. The Division must investigate the financial condition, responsibility, experience character and general fitness of the applicant, including requesting a criminal background check. The applicant must have assets of at least fifty thousand dollars per branch office readily available for use in the business and a net worth of fifty thousand dollars.

Certificates of registration may be renewed annually by filing a renewal application, paying an annual registration fee and, if the Division determines it is necessary, paying an annual assessment based on the amount of interest and other finance charges collected by the registrant. If an office is to be relocated, the registrant must obtain a new certificate of registration from the Division prior to conducting business at the new location.

Registrants must comply with specific recordkeeping, advertising and business practices as outlined by statute or rule. For example, all loan office locations must be registered, certificates of registration must be conspicuously posted, the interest rates and fees that may be charged on loans are limited and certain records must be maintained for two years.

The Division can investigate registrants and anyone who appears to be operating without a certificate of registration, and has the power to issue subpoenas as part of the investigative process. The Division may also issue cease and desist orders, impose monetary fines, or revoke or suspend a certificate of registration, subject to the Administrative Procedures Act.

A person wishing to become a mortgage broker must submit an application, a fingerprint card, a registration fee, a zoning permit if applicable, a photograph of the proposed office location, evidence of at least three years experience in the mortgage lending field, a registration fee, a surety bond in the amount of fifty thousand dollars and a statement attesting that the person has not been convicted of or pleaded guilty to a criminal offense which is a felony or to any criminal offense involving fraud. The Division must investigate the financial condition, experience, character and general fitness of the applicant, including requesting a criminal background check.

Certificates of registration may be renewed annually by filing a renewal application and paying an annual registration fee. Each mortgage broker office must be individually registered. If an office is relocated, the registrant must obtain a new certificate of registration prior to conducting business at the new location.

A person wishing to become a pawnbroker must submit an application, a fingerprint card, a license fee and a nonrefundable investigation fee. The Division must investigate the financial condition, responsibility, character and general fitness of the applicant, including requesting a criminal background check. The applicant must have liquid assets of at least one hundred thousand dollars in order to receive a license.

Licenses must be renewed annually by filing a renewal application, providing proof that continuing education requirements have been met, and paying an annual license fee. Each office operated by a pawnbroker must be individually licensed. If an office is to be relocated, the licensee must obtain a new license from the Division prior to conducting business at the new location.

Licensees must comply with specific recordkeeping, advertising and business practices as outlined by statute or rule. For example, all pawnbroker offices must be licensed, the pawnbroker license must be conspicuously displayed, interest rates and charges cannot exceed specified amounts, descriptions of all pawned or purchased items must be provided to local law enforcement authorities on a daily basis, and certain records must be maintained for two years.

The Division can investigate licensees, and anyone who appears to be operating without a license, including issuing subpoenas, to ensure compliance with the law. The Division may also revoke or suspend a license, or fine a licensee, subject to the Administrative Procedures Act. The State is the sole regulator of pawnbrokers.

A person wishing to become a precious metals dealer must submit an application, a fingerprint card, a license fee, and a nonrefundable investigation fee. The division must investigate the financial condition, responsibility, character and general fitness of the applicant, including requesting a criminal background check. The applicant must either have a net worth of at least ten thousand dollars or obtain a surety bond in the amount of ten thousand dollars.

Licenses must be renewed annually by filing a renewal application and annual licensing fee. Each precious metals dealer location must be individually licensed. If an office is to be relocated, the licensee must obtain a new license from the Division prior to conducting business at the new location.

Licensees must comply with specific recordkeeping, advertising, and business practices as outlined by statute or rule. For example, all precious metals dealer offices must be licensed, the precious metals dealer license must be conspicuously displayed, copies of purchase tickets must be provided to local law enforcement authorities on a daily basis, and certain records must be maintained for two years.

The Division can investigate licensees, and anyone who appears to be operating without a license, including issuing subpoenas, to ensure compliance with the law. The Division may also revoke or suspend a license subject to the Administrative Procedures Act.

A person wishing to become a credit services organization must submit an application, a fingerprint card, a license fee, a copy of the contract to be used with customers, a surety bond in the amount of fifty thousand dollars, and a registration fee. The Division must review the application to ensure that the contract is acceptable, that the person does not have a criminal record and that the bond is in the proper form and amount.

Certificates of registration may be renewed annually by filing a renewal application and an annual registration renewal fee. If an office is to be relocated, the registrant must obtain a new certificate of registration from the Division prior to conducting business at the new location.

Registrants must comply with specific recordkeeping, advertising, and business practices as outlined by statute or rule. For example, all credit services organization locations must be registered, the credit services organization must provide written agreements with specific contractual language to all consumers, fees may not be collected until all the services contracted for by the consumer are performed, and certain records must be maintained for two years.

The Division and the Attorney General can investigate registrants and anyone who appears to be operating without a certificate of registration, including issuing subpoenas, to ensure compliance with the law. The Division may revoke, suspend or refuse to renew a certificate of registration subject to the Administrative Procedures Act. The Division or the Attorney General may bring a legal action to enjoin a violation of Chapter 4712 of the Ohio Revised Code and the Division may initiate criminal proceedings for violation of Chapter 4712 by bringing evidence of the violation to a county prosecutor in Ohio or to the Ohio Attorney General.

A person wishing to become an insurance premium finance company must submit an application, a fingerprint card, a license fee and an investigation fee. The Division must investigate the financial condition, responsibility, competence, reputation and experience of the applicant, including requesting a criminal background check. The applicant must have a net worth of at least fifty thousand dollars.

Licenses must be renewed annually by filing a renewal application and paying an annual license fee. Each insurance premium finance company location must be individually licensed. If an office is to be relocated, the licensee must obtain a new license from the Division prior to conducting business at the new location.

Licensees must comply with specific recordkeeping, advertising and business practices as outlined by statute or rule. For example, all insurance premium finance company locations must be licensed, the insurance premium finance company must provide written contracts containing specific disclosures to all customers, the interest rates and fees that may be charged on loan contracts are limited, procedures for the return of unearned premiums to insurance premium finance companies and consumers are established, and certain records must be maintained for two years.

The Division can investigate licensees, including issuing subpoenas, to ensure compliance with the law. The Division may revoke or suspend a license subject to the Administrative Procedures Act.