Ohio Code 1321.04 – Small loan license application approval
(A) Except as otherwise provided in division (B) of this section, upon the filing of an application under section 1321.03 of the Revised Code and payment of fees pursuant to section 1321.20 of the Revised Code, the division of financial institutions shall investigate the facts concerning the applicant and the requirements provided for in divisions (A)(1) and (2) of this section.
Terms Used In Ohio Code 1321.04
- Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- state: means the state of Ohio. See Ohio Code 1.59
The division shall approve the application and issue and deliver a license to the applicant if the division finds both of the following:
(1) That the financial responsibility, experience, and general fitness of the applicant and of the members thereof, if the applicant is a partnership or an association, and of the officers and directors thereof, if the applicant is a corporation, are such as to warrant the belief that the business will be operated lawfully, honestly, and fairly under sections 1321.01 to 1321.19 of the Revised Code and within the purposes of those sections, that the applicant has fully complied with those sections, and that the applicant is qualified to act as a licensed lender;
(2) That the applicant has available for the operation of such business cash or moneys deposited in a readily accessible fund or account of not less than twenty-five thousand dollars.
If the division does not so find, it shall enter an order denying such application and forthwith notify the applicant of the denial, the grounds for the denial, and the applicant’s reasonable opportunity to be heard on the action in accordance with Chapter 119 of the Revised Code. In the event of denial, the division shall return the license fee but shall retain the investigation fee.
(B) The division shall issue and deliver a license in accordance with Chapter 4796 of the Revised Code to an applicant if either of the following applies:
(1) The applicant holds a license in another state.
(2) The applicant has satisfactory work experience, a government certification, or a private certification as described in that chapter in the business of lending money, credit, or choses in action in amounts of five thousand dollars or less in a state that does not issue that license.
Last updated December 29, 2023 at 7:26 AM