Ohio passed a bill amending the Residential Mortgage Lending Act (RMLA). Under the bill, provisions related to the temporary mortgage loan originator license are repealed. A temporary mortgage loan originator license is a license that enables an out-of-state mortgage loan originator to act as a mortgage loan originator in Ohio while completing the licensing requirements of the RMLA. The bill also amended definitions, and requirements related to surety bonds, exemptions, license renewal, examinations, third-party fees, and office requirements. In addition, the bill amended notice of default requirements for foreclosures involving a junior lien loan. The bill becomes effective September 1, 2021.
See Ohio State Legislature website for the full text of the Statute: https://search-prod.lis.state.oh.us/solarapi/v1/general_assembly_134/bills/hb133/EN/05/hb133_05_EN?format=pdf
Click to view the full OH HB 133 bill: https://www.tenaco.com/wp-content/uploads/2021/06/OH-HB-133-06-04-21.pdf
