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The Ohio General Assembly approved legislation, effective January 1, 2007,
designed to better protect consumers from predatory lenders. This latest legislative effort comes four years after the Ohio General Assembly enacted the
Mortgage Brokers Licensure Act (Senate Bill 76) and Predatory Lending legislation (House Bill 386).
The centerpiece of the bill, SB 185, is
the expansion of the Consumer Sales Practices Act to cover the mortgage lending industry.
Another significant feature is the creation of a "fiduciary duty" between mortgage brokers and
non-bank lenders and their consumers. Other features of the bill include mandatory licensure of
real estate appraisers and additional regulations and disclosures for mortgage brokers.
Available Resources
Creditor Rights & Bankruptcy E-Alerts
Periodic Bricker & Eckler E-Alerts on topics related to creditor rights, predatory lending and bankruptcy
Predatory Lending: Developments and Pending Litigation
Series of articles and bulletins by Bricker & Eckler attorneys updating developments in the Ohio predatory lending
issue.
Complying With the Ohio Homebuyers’ Protection Act:
The Compliance Toolkit
To assist lenders and service providers in complying with the Ohio Homebuyers’ Protection Act, Argus Growth Consultants, Ltd., a leading solutions
provider for law firms and corporations, has developed the Ohio Homebuyers’ Protection Act Compliance Toolkit.
Am. Sub. S.B. 185 as passed by the Ohio General Assembly
May 24, 2006, 2006 and signed by the Governor on June 19, 2006
Final analysis of Am. Sub. S.B. 15 from the Ohio Legislative Service Commission
Analysis of Key Provisions of Am. Sub. S.B. 185
Prepared by
Bricker & Eckler government relations attorneys - June 2006
Sub. H.B. 386 as passed by the Ohio
General Assembly in 2002
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