Ohio Adopts Mortgage License Fee Hikes and Other Changes | Weiner Brodsky Kider PC
The Ohio legislature passed its sweeping annual appropriation bill, House Bill 110, which includes, among other things, increases to certain licensing and registration fees for mortgage lenders, mortgage agents, mortgage brokers and mortgage originators:
- The initial application fee for a certificate of registration for a mortgage lender, mortgage agent or mortgage broker, as well as the renewal fee, will increase from $ 500 to $ 700. The change to the initial fee is effective September 30, 2021, while the change to the renewal fee is effective October 9, 2021.
- The initial application fee for a mortgage author license, as well as the renewal fee, will increase from $ 150 to $ 200. The change to the initial fee is effective September 30, 2021, while the change to the renewal fee is effective October 9, 2021.
- Late renewal fees for a mortgage lender, mortgage agent, mortgage broker or mortgage originator submitted up to 45 days late will increase from $ 100 to $ 150, to as of October 9, 2021.
House Bill 110 also contains certain other housing provisions, including the following:
- The bill authorizes the Department of Commerce, Real Estate and Professional Licensing Division, to pass rules relating to manufactured home dealers, brokers and sellers.
- The bill updates existing law to require licensed real estate brokers and sellers to notify the Superintendent of the Real Estate and Professional Licensing Division within 30 days of any change in their personal residential address. Licensed real estate brokers and sellers will also be required to maintain a valid email address on file with the Division and notify the Superintendent within 30 days of an email address change. These changes will come into effect on September 30, 2021.
- The bill also enacts new requirements for title insurance companies that are joint ventures, including that the required annual review of the agency’s accounts must include an assessment of whether all members of the joint venture received income in the year in question from the title company in proportion to their interest in the title company. These provisions take effect on September 30, 2021.