(A) no individual shall take part in the company of getting into or else premium that is acquiring agreements into the state without very very first having acquired a license as reasonably limited finance business through the unit of banking institutions.
(B) The yearly license charge will be based on the superintendent of economic institutions pursuant to area 1321.20 associated with the Revised Code. Licenses might be renewed from 12 months to 12 months at the time of the very first day’s July of every 12 months, or yearly on a date that is different because of the superintendent pursuant to part 1181.23 for the Revised Code, upon re re payment of this charge.
(C) The person to who the permit or the renewal thereof is released shall file sworn responses, susceptible to the charges of perjury, to interrogatories that are such the unit calls for. The unit may, at any right time, need the applicant to completely reveal the identification of most stockholders, lovers, officers, and workers, also it may, at its discernment, will not issue or restore a permit within the title of any company, partnership, or organization in case it is maybe maybe not pleased that any officer, worker, stockholder, or partner thereof, who may materially influence the applicant’s conduct, fulfills the requirements supplied by parts 1321.71 to 1321.83 for the Revised Code.
(D) Each applicant shall execute and register utilizing the unit evidence that the applicant has a web worth of at minimum fifty thousand bucks, as determined prior to generally accepted accounting maxims. The evidence is susceptible to the approval of this unit.
Application for license as premium finance business.
(A) Application for a license as reasonably limited finance business will be written down, under oath, when you look at the type recommended because of the division of banking institutions. A job candidate also shall offer the type of premium finance contract it promises to used in conducting business under parts 1321.71 to 1321.83 associated with Revised Code. Upon the filing of a software together with repayment regarding the permit cost, and upon deposit of a study cost not to ever go beyond 3 hundred bucks in the event that research may be carried out in this state or even the calculated costs of this research if it should be carried out outside this state, the unit shall make a study of each applicant and shall issue a permit in the event that applicant is qualified prior to parts 1321.71 to 1321.83 associated with the Revised Code. An itemized declaration of any research costs incurred that your applicant is needed to spend will be furnished the applicant by the unit, and just the cost that is actual of research will probably be compensated by the applicant, but at virtually no time shall the investigation charge be lower than $ 200. In the event that unit will not therefore find, it shall, within a fair time frame after this has gotten the applying, in the demand regarding the applicant, supply the opportunity that is applicant a hearing carried out relative to Chapter 119. regarding the Revised Code.
The unit shall issue or restore a permit when it’s pleased that the applicant:
(1) Is competent and trustworthy and promises to work in good faith when you look at the ability included because of the permit sent applications for;
(2) possesses business that is good and has now had experience, training, or training in order to be qualified in the industry which is why the permit is requested;
(3) If an organization, is really a organization integrated beneath the laws and regulations for this state or perhaps is a corporation that is foreign to transact business in this state;
(4) features a web worth of at minimum fifty thousand bucks, as determined prior to generally accepted accounting maxims;
(5) according to the issuance of the permit, has filed using the unit a kind of premium finance contract that complies with parts 1321.71 to 1321.83 regarding the Revised Code.
(C) no more than one bar or nightclub will probably be maintained underneath the exact same permit, however the unit may issue extra licenses into the exact exact same licensee upon conformity with parts 1321.71 to 1321.83 regarding the Revised Code.
No improvement in the area of company of a licensee to an area outside of the initial municipal company shall be allowed beneath the exact same permit with no approval of a unique application, the re payment of this permit cost as dependant on the superintendent of financial institutions pursuant to area 1321.20 regarding the Revised Code, and, if needed because of the superintendent, the re re re re payment of a study charge of $ 200. If your licensee desires to alter its bar or nightclub inside the exact same corporation that is municipal it shall provide written notice regarding the improvement in advance to your unit, which shall offer a permit when it comes to brand new target without price. In case a licensee changes its title, it shall provide, ahead of stepping into or else acquiring premium finance agreements underneath the brand new title, written notice of this switch towards the unit, which shall offer a permit within the brand brand new title, without price.