Department of Commerce - Rules Relating to Mortgage Brokers - Trade Names, Fictitious Names and Change of Names.


Published: 2016-01-04

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.

(A) A registrant or qualified exempt entity may, with the prior approval of the superintendent, use a trade name or fictitious name, provided:

(1) The trade name or fictitious name complies with division (A)(1) of section 1101.15 of the Revised Code; and

(2) The trade name is registered with or the fictitious name is reported to the Ohio secretary of state in accordance with Chapter 1329. of the Revised Code.

(B) The superintendent may refuse to issue a certificate of registration or letter of exemption to use a name, trade name or fictitious name if the superintendent believes that such name would create a substantial risk of misleading or confusing the public.

(C) In closing documents and in any disclosures made pursuant to Chapter 1322. of the Revised Code or this rule chapter, a registrant or qualified exempt entity shall use the same name, trade name, or fictitious name that it has used during all of its contacts with the borrower involved in the transaction.

(D) A registrant or qualified exempt entity may change its name, trade name, or fictitious name, provided:

(1) It complies with paragraphs (A) and (B) of this rule;

(2) It submits proof that the surety bond has been issued in the new name unless, in the case of a qualified exempt entity, the bond is obtained by individual loan originators; and

(3) It has given the superintendent prior notice in accordance with paragraph (C) of rule 1301:8-7-19 of the Administrative Code.