October 21, 2021

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Ohio Passes Mortgage Licensing Fee Increases and Other Changes | Weiner Brodsky Kider PC

Ohio Legislature passed its sweeping Annual Fund Allocation Bill to House bill 110which includes increases in certain license and registration fees for mortgage lenders, mortgage servicers, mortgage brokers, and mortgage lenders, among others:

  • The initial application fee for a certificate of registration for a mortgage lender, mortgage servicer, or mortgage broker and renewal fee will be increased from $ 500 to $ 700. The change in the initial fee will take effect on September 30, 2021, while the change in the renewal fee will take effect on October 9, 2021.
  • The initial mortgage lender license application fee and renewal fee will be increased from $ 150 to $ 200. The change in the initial fee will take effect on September 30, 2021, while the change in the renewal fee will take effect on October 9, 2021.
  • The late fee for a mortgage lender, mortgage servicer, mortgage broker, or mortgage lender to extend the renewal with a delay of up to 45 days will increase from $ 100 to $ 150 effective October 9, 2021.

House Bill 110 also contains certain other housing-related provisions, including the following:

  • The bill empowers the Department of Commerce, Real Estate and Professional Licenses Department to enact rules relating to prefabricated house dealers, brokers and sellers.
  • The bill updates applicable law to require licensed real estate agents and sellers to notify the Superintendent of the Real Estate and Professional Licensing Department within 30 days of any change in their personal residence. Approved real estate agents and sellers must also maintain a valid email address with the department and notify the superintendent within 30 days of any change in email address. These changes will take effect on September 30, 2021.
  • The bill also enacts new requirements for title insurers that are joint ventures, including the fact that the annual review of agencies’ accounts must include an assessment of whether or not all members of the joint venture received appropriate income from the title company in the year in question their share of ownership in the title company. These provisions come into force on September 30, 2021.