As Introduced
136th General Assembly
Regular Session H. B. No. 152
2025-2026
Representatives Williams, Upchurch
Cosponsors: Representatives Brennan, Jarrells, Synenberg
To amend section 1321.21 and to enact sections
1320.01, 1320.02, 1320.03, 1320.04, 1320.05,
1320.06, 1320.07, 1320.08, 1320.09, and 1320.10
of the Revised Code to regulate the provision of
earned wage access services.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That section 1321.21 be amended and sections
1320.01, 1320.02, 1320.03, 1320.04, 1320.05, 1320.06, 1320.07,
1320.08, 1320.09, and 1320.10 of the Revised Code be enacted to
read as follows:
Sec. 1320.01. As used in this chapter:
(A) "Certificate" means a certificate of registration
issued under this chapter.
(B) "Company" means a business entity other than an
individual or sole proprietorship, including a firm, business
trust, partnership, limited liability company, association,
corporation, or general partnership.
(C) "Consumer" means any individual who resides in this
state and has accrued earned but unpaid income. A provider may
use the mailing address or state of residence provided by a
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19 H. B. No. 152 Page 2
As Introduced
consumer to determine the consumer's state of residence for
purposes of this chapter.
(D) "Consumer-directed wage access services" means the
business of delivering to consumers access to earned but unpaid
income based on the consumer's representation, and the
provider's reasonable determination, of the consumer's earned
but unpaid income.
(E) "Earned but unpaid income" means salary, wages,
compensation, or other income that an individual or an employer
has represented, and that a provider has reasonably determined,
has been earned or has accrued to the benefit of the individual
in exchange for the individual's provision of services to the
employer or on behalf of the employer, including services
provided on an hourly, project-based, piecework, or other basis,
and where the individual acts as an independent contractor of
the employer, for which the individual has not been paid by the
employer at the time of the payment of proceeds.
(F) "Earned wage access services" means the business of
providing consumer-directed wage access services, employer-
integrated wage access services, or both.
(G)(1) "Employer" means a person that employs a consumer,
or any other person who is contractually obligated to pay a
consumer earned but unpaid income in exchange for a consumer's
provision of services to the employer or on behalf of the
employer, including services provided on an hourly, project-
based, piecework, or other basis and where the consumer acts as
an independent contractor with respect to the employer.
(2) "Employer" does not mean a customer of an employer or
any other person whose obligation to make a payment of salary,
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48 H. B. No. 152 Page 3
As Introduced
wages, compensation, or other income to a consumer is not based
on the provision of services by that consumer for or on behalf
of such person.
(H) "Employer-integrated wage access services" means the
business of delivering to consumers access to earned but unpaid
income that is based on employment, income, and attendance data
obtained directly or indirectly from an employer.
(I) "Fee" means any of the following:
(1) An amount charged by a provider for delivery or
expedited delivery of proceeds to a consumer;
(2) A subscription or membership charge imposed by a
provider for a bona fide group of services that includes earned
wage access services;
(3) An amount paid by an employer to a provider on a
consumer's behalf, which entitles the consumer to receive
proceeds at reduced or no cost to the consumer.
(J) "Key officer" means a chief executive officer, chief
financial officer, or chief compliance officer.
(K) "Outstanding proceeds" means a payment of proceeds to
a consumer by a provider that has not yet been repaid to that
provider.
(L) "Proceeds" means a payment of money to a consumer by a
provider pursuant to an agreement to provide earned wage access
services to that consumer.
(M) "Provider" means a company who is in the business of
offering and providing earned wage access services to consumers.
(N) "Registrant" means a company to whom one or more
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75 H. B. No. 152 Page 4
As Introduced
certificates of registration have been issued under this
chapter.
(O) "Superintendent of financial institutions" includes
the deputy superintendent for consumer finance as provided in
section 1181.21 of the Revised Code.
Sec. 1320.02. (A) No person shall offer or provide earned
wage access services in this state without having a valid
certificate of registration under this chapter. Each company
issued a certificate of registration is subject to all
provisions of this chapter and any associated rules.
(B) For the purpose of registering companies under and
requiring compliance with this chapter, the superintendent of
financial institutions may do both of the following:
(1) Require any company registered, or applying for
registration, under this chapter to do both of the following:
(a) Utilize the nationwide multistate licensing system for
application, renewal, amendment, or surrender of a certificate
of registration or for any other activity as the superintendent
may require;
(b) Pay all applicable charges to utilize the nationwide
multistate licensing system.
(2) Establish requirements as necessary for the use of the
nationwide multistate licensing system to meet the purposes of
these sections, including:
(a) Background checks of key officers for any of the
following:
(i) Criminal history through fingerprint or other
databases;
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103 H. B. No. 152 Page 5
As Introduced
(ii) Civil or administrative records;
(iii) Credit history;
(iv) Any other information considered necessary by the
nationwide multistate licensing system or the superintendent.
(b) Payment of fees to apply for or renew registrations
through the nationwide multistate licensing system;
(c) Setting or resetting of renewal or reporting dates;
(d) Requirements for amending or surrendering a
registration or any other such activities as the superintendent
considers necessary for participation in the nationwide
multistate licensing system.
Sec. 1320.03. (A)(1) An application for a certificate of
registration under this chapter shall be in writing, under oath,
and in the form prescribed by the division of financial
institutions. The application shall include an affirmation that
the applicant will abide by this chapter and shall contain any
information that the division may require. The division shall
not issue or renew a certificate of registration under this
chapter for an applicant that is a foreign corporation unless
that applicant first obtains and maintains a license pursuant to
Chapter 1703. of the Revised Code.
(2) Upon the filing of the application and the payment by
the applicant of a nonrefundable two-hundred-dollar
investigation fee and a nonrefundable three-hundred-dollar
annual registration fee, the division shall investigate the
applicant. If the application involves investigation outside
this state, and it appears that the actual expenses of the
investigation will exceed two hundred dollars, the division may
require the applicant to advance sufficient funds to pay for
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132 H. B. No. 152 Page 6
As Introduced
those actual expenses. The division shall furnish to the
applicant an itemized statement of any expenses in excess of the
standard two-hundred-dollar investigation fee which the
applicant is required to pay. The division shall not issue a
certificate unless all the required fees have been submitted to
the division.
(3) The investigation required by this section shall
include both a civil and criminal records check of the key
officers of the applicant and any individual whose identity is
required to be disclosed in the application. Where the applicant
is a business entity, the superintendent of financial
institutions may require a civil and criminal background check
of any persons that the superintendent determines have the
authority to direct and control the operations of the applicant.
(4)(a) Notwithstanding division (L) of section 121.08 of
the Revised Code, the superintendent shall obtain a criminal
history records check and, as part of that records check,
request that criminal record information from the federal bureau
of investigation be obtained. To fulfill this requirement, the
superintendent of financial institutions shall request the
superintendent of the bureau of criminal identification and
investigation, or a vendor approved by the bureau, to conduct a
criminal records check based on the applicant's fingerprints or,
if the fingerprints are unreadable, based on the applicant's
social security number, in accordance with section 109.572 of
the Revised Code.
(b) Any fee required under division (C)(3) of section
109.572 of the Revised Code shall be paid by the applicant.
(5) If an application for a certificate of registration
does not contain all of the information required under division
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162 H. B. No. 152 Page 7
As Introduced
(A) of this section, and if such information is not submitted to
the division within ninety days after the superintendent of
financial institutions requests the information in writing,
including by electronic transmission or facsimile, the
superintendent may consider the application withdrawn.
(6) If the division finds that the financial
responsibility, experience, and general fitness of the applicant
command the confidence of the public and warrant the belief that
the business will be operated honestly and fairly in compliance
with the purposes of this chapter and the rules adopted
thereunder, and that the applicant has the applicable net worth
and assets required by division (D) of this section, the
division shall issue a certificate of registration to the
applicant. The superintendent shall not use a credit score as
the sole basis for denying registration under this chapter.
(7) Certificates of registration annually expire on the
last day of December, unless renewed by the filing of a renewal
application and payment of a three-hundred-dollar nonrefundable
annual registration fee on or before that date.
(8) Registrants shall timely file renewal applications on
forms prescribed by the division and provide any further
information that the division may require. If a renewal
application does not contain all of the information required
under this section, and if that information is not submitted to
the division within ninety days after the superintendent
requests the information in writing, including by electronic
transmission or facsimile, the superintendent may consider the
application withdrawn.
(9) The superintendent shall not grant a renewal if the
applicant's certificate of registration is subject to an order
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192 H. B. No. 152 Page 8
As Introduced
of suspension, revocation, or an unpaid and past due fine or
assessment imposed by the superintendent.
(10) If the division finds the applicant does not meet the
conditions set forth in this section, the division shall issue
notice to the applicant of the denial, the grounds for the
denial, and the applicant's reasonable opportunity to be heard
on the action in accordance with Chapter 119. of the Revised
Code.
(11) If there is a change of five per cent or more in the
ownership of a registrant, the division may make any
investigation necessary to determine whether any fact or
condition exists that, if it had existed at the time of the
original application for a certificate of registration, the fact
or condition would have warranted the division to deny the
application under division (A)(6) of this section. If such a
fact or condition is found, the division may, in accordance with
Chapter 119. of the Revised Code, revoke the registrant's
certificate.
(B)(1) If the annual registration fees collected by the
superintendent pursuant to division (A) of this section are less
than the estimated expenditures of the consumer finance section
of the division of financial institutions in administering this
chapter for the following fiscal year, as determined by the
superintendent, the superintendent may assess each registrant an
additional fee at a rate sufficient to equal in the aggregate
the difference between the renewal fees billed and the estimated
expenditures.
(2) Each registrant shall pay the assessed amount to the
superintendent prior to the last day of June.
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221 H. B. No. 152 Page 9
As Introduced
(3) In no case shall the assessment exceed ten cents for
each one hundred dollars of fees, tips, gratuities, and
donations received by that registrant during the previous
calendar year.
(4) Subject to division (B)(3) of this section, the
assessment shall not be less than two hundred fifty dollars per
registrant and shall not exceed two thousand dollars per
registrant.
(C) Notwithstanding any contrary provision of division (A)
of this section, the division shall issue a certificate of
registration in accordance with Chapter 4796. of the Revised
Code to an applicant if the applicant holds a license or
registration to offer earned wage access services in another
state. Issuance of a license to such an applicant is contingent
upon the applicant's payment of the three-hundred-dollar annual
registration fee and any assessment charged under division (B)
of this section.
(D) Each registrant that offers or provides earned wage
access services under this chapter shall maintain both of the
following:
(1) A net worth of at least fifty thousand dollars;
(2) For each certificate of registration, assets of at
least fifty thousand dollars either in use or readily available
for use in the conduct of the business.
(E) A registrant may operate in this state online or at
one or more physical places of business. Not more than one place
of business shall be maintained under the same certificate, but
the division may issue additional certificates to the same
registrant. No change in the place of business of a registrant
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250 H. B. No. 152 Page 10
As Introduced
to a location outside the original municipal corporation or
township shall be permitted under the same certificate without
the approval of a new application, the payment of the
registration fee, and, if required by the superintendent, the
payment of an investigation fee of two hundred dollars. When a
registrant wishes to change its place of business within the
same municipal corporation or township, it shall give written
notice of the change in advance to the division, which shall
provide a certificate for the new address without cost. If a
registrant changes its name, prior to offering or providing
earned wage access services under the new name, it shall give
written notice of the change to the division, which shall
provide a certificate in the new name without cost. This chapter
does not limit the services of any registrant to residents of
the municipal corporation or township in which the registrant's
place of business is situated. A registrant that operates online
shall post evidence of its registration on its internet web
site. A registrant that operates at one or more physical places
of business shall conspicuously post its registration in its
places of business. Registrations are not transferable or
assignable.
(F) This chapter does not apply to any entities chartered
and lawfully doing business under the authority of any law of
this state, another state, or the United States as a bank,
savings bank, trust company, savings and loan association, or
credit union, or a subsidiary of any such entity, which
subsidiary is regulated by a federal banking agency and is owned
and controlled by such a depository institution.
(G) Neither the state nor any political subdivision of the
state shall require a registrant to pay any fee or assessment,
other than those expressly authorized by this section, as a
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281 H. B. No. 152 Page 11
As Introduced
condition of providing earned wage access services in this
state.
Sec. 1320.04. As often as the superintendent of financial
institutions considers it necessary, the superintendent may
examine the records of a registrant.
Sec. 1320.05. A provider subject to this chapter shall do
all of the following:
(A) Develop and implement policies and procedures to
respond to questions raised by consumers and address complaints
from consumers in an expedient manner;
(B) Offer to consumers at least one reasonable option to
obtain proceeds at no cost and clearly explain how to elect that
no-cost option;
(C) Before entering into an agreement with a consumer for
the provision of earned wage access services, do both of the
following:
(1) Inform the consumer of the consumer's rights under the
agreement;
(2) Fully and clearly disclose all fees associated with
the earned wage access services.
(D) Inform the consumer of any material changes to the
terms and conditions of the earned wage access services before
implementing those changes for that consumer;
(E) Allow the consumer to cancel use of the provider's
earned wage access services at any time, without incurring a
cancellation fee or penalty imposed by the provider;
(F) Comply with all applicable local, state, and federal
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308 H. B. No. 152 Page 12
As Introduced
privacy and information security laws;
(G) If a provider solicits, charges, or receives a tip,
gratuity, or other donation from a consumer, both of the
following:
(1) Clearly and conspicuously disclose to the consumer
immediately prior to each transaction that a tip, gratuity, or
other donation amount may be zero and is voluntary;
(2) Clearly and conspicuously disclose in its service
contract with the consumer and elsewhere that tips, gratuities,
or donations are voluntary and that the offering of earned wage
access services, including the amount of proceeds a consumer is
eligible to request and the frequency with which proceeds are
provided to a consumer, is not contingent on whether the
consumer pays any tip, gratuity, or other donation or on the
size of the tip, gratuity, or other donation.
(H) Provide proceeds to a consumer by any means mutually
agreed upon by the consumer and the provider;
(I) If the provider will seek repayment of outstanding
proceeds or payment of fees or other amounts owed in connection
with the activities covered by this chapter, including voluntary
tips, gratuities, or other donations, from a consumer's
depository institution, including by means of electronic funds
transfer, do both of the following:
(1) Comply with applicable provisions of the "Electronic
Funds Transfer Act," 15 U.S.C. 1693 to 1693r, and regulations
adopted under that act;
(2) Reimburse the consumer for the full amount of any
overdraft or nonsufficient funds fees imposed on a consumer by
the consumer's depository institution that were caused by the
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337 H. B. No. 152 Page 13
As Introduced
provider attempting to seek payment of any outstanding proceeds,
fees, or other payments in connection with the activities
covered by this chapter, including voluntary tips, gratuities,
or other donations, on a date before, or in an incorrect amount
from, the date or amount disclosed to the consumer. The provider
is not subject to the requirements of division (I)(2) of this
section with respect to payments of outstanding amounts or fees
incurred by a consumer through fraudulent or other unlawful
means.
Sec. 1320.06. A provider subject to this chapter shall not
do any of the following:
(A) Share with an employer a portion of any fees,
voluntary tips, gratuities, or other donations that were
received from or charged to a consumer for earned wage access
services;
(B) Require a consumer's credit report or credit score
provided or issued by a consumer reporting agency to determine a
consumer's eligibility for earned wage access services;
(C) Accept payment of outstanding proceeds, fees,
voluntary tips, gratuities, or other donations from a consumer
by means of a credit card or charge card;
(D) Charge a late fee, deferral fee, interest, or any
other penalty or charge for failure to pay outstanding proceeds,
fees, voluntary tips, gratuities, or other donations;
(E) Report to a consumer reporting agency or debt
collector any information about a consumer regarding the
consumer's inability to repay outstanding proceeds, fees,
voluntary tips, gratuities, or other donations to a provider;
(F)(1) Compel or attempt to compel payment by a consumer
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366 H. B. No. 152 Page 14
As Introduced
of outstanding proceeds, fees, voluntary tips, gratuities, or
other donations to the provider through any of the following
means:
(a) An action against the consumer in a court of competent
jurisdiction;
(b) Use of a third party to pursue collection from the
consumer on the provider's behalf;
(c) Sale of outstanding amounts to a third-party debt
collector or debt buyer for collection from the consumer.
(2) Nothing in this section shall be interpreted as doing
either of the following:
(a) Precluding the use by a provider of any of the methods
described in division (F)(1) of this section to compel payment
of outstanding proceeds or fees incurred by a consumer through
fraudulent or other unlawful means;
(b) Precluding a provider from pursuing an employer for
breach of its contractual obligations to the provider.
(G) If the provider solicits, charges, or receives tips,
gratuities, or other donations from a consumer, mislead or
deceive consumers about the voluntary nature of the tips,
gratuities, or donations or make representations that tips,
gratuities, or other donations will benefit any specific
individuals.
Sec. 1320.07. (A) Every registered provider shall keep and
use in the provider's business such books, accounts, and records
as will enable the division of financial institutions to
determine whether the provider is complying with this chapter
and with the orders and rules made by the division under this
367
368
369
370
371
372
373
374
375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391
392
393
394 H. B. No. 152 Page 15
As Introduced
chapter. Such books, accounts, and records shall be segregated
from those pertaining to transactions that are not subject to
this chapter. Every provider shall preserve the books, accounts,
and records pertaining to earned wage access services
transactions made under this chapter for at least two years
after extending proceeds to a consumer. Accounting systems
maintained in whole or in part by mechanical or electronic data
processing methods that provide information equivalent to that
otherwise required are acceptable for the purposes of this
division.
(B)(1) Each registered provider shall file with the
division of financial institutions each year a report under oath
or affirmation, on forms supplied by the division, concerning
the business and its operations for the preceding calendar year.
If a provider has more than one place of business in this state,
the provider shall furnish a report for each location.
(2) The division shall annually publish and make available
to the public an analysis of the information reported under
division (B)(1) of this section, but the individual reports are
not public records for the purposes of Chapter 149. of the
Revised Code and shall not be open to public inspection.
(3) The published analysis shall include all of the
following:
(a) Gross revenue attributable to earned wage access
services;
(b) The total number of transactions in which proceeds
were remitted to consumers;
(c) The total number of unique consumers to whom proceeds
were remitted;
395
396
397
398
399
400
401
402
403
404
405
406
407
408
409
410
411
412
413
414
415
416
417
418
419
420
421
422
423 H. B. No. 152 Page 16
As Introduced
(d) The total dollar amount of proceeds remitted to
consumers;
(e) The total dollar amount of fees, tips, gratuities, and
donations received from consumers;
(f) The total number of transactions in which proceeds
were remitted to consumers for which providers did not receive
repayment of any outstanding proceeds;
(g) The total dollar amount of transactions described in
division (B)(3)(f) of this section;
(h) The total number of transactions in which proceeds
were remitted to consumers, for which providers received partial
repayment of outstanding proceeds;
(i) The total dollar amount of transactions described in
division (B)(3)(h) of this section and the total dollar amount
of unpaid, outstanding proceeds attributable to those
transactions;
(j) The total number of transactions in which outstanding
proceeds were repaid after the original, scheduled repayment
date;
(k) The total dollar amount of transactions described in
division (B)(3)(j) of this section;
(l) Any other nonprivate information required by the
superintendent.
Sec. 1320.08. (A) The superintendent of financial
institutions shall, in accordance with Chapter 119. of the
Revised Code, suspend or revoke a certificate of registration
issued pursuant to this chapter if the superintendent determines
that either of the following apply:
424
425
426
427
428
429
430
431
432
433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
451 H. B. No. 152 Page 17
As Introduced
(1) The registrant has failed to comply with any order
issued by the superintendent pursuant to section 1320.10 of the
Revised Code;
(2) Any fact or condition exists that, if it had existed
or had been known to exist at the time the original or renewal
certificate of registration was issued, the fact or condition
clearly would have warranted the superintendent to refuse to
issue a certificate of registration.
(B) The superintendent may make any investigation and
conduct any hearing the superintendent considers necessary to
determine whether any company or individual has violated this
chapter or any rule or order adopted in accordance with this
chapter, or has otherwise engaged in conduct that would justify
the suspension, revocation, or refusal of an original or renewal
certificate of registration, or the imposition of a fine. The
superintendent may impose a monetary fine of not more than one
thousand dollars for each such violation.
(C) In making any investigation or conducting any hearing
pursuant to this section, the superintendent, or any person
designated by the superintendent, at any time may compel by
subpoena witnesses, may take depositions of witnesses residing
within this state in the manner provided for in civil actions,
pay any witnesses the fees and mileage for their attendance
provided under section 119.094 of the Revised Code, and
administer oaths. The superintendent also may compel by order or
subpoena duces tecum the production of, and examine, all
relevant books, records, accounts, and other documents. If a
company or individual does not comply with a subpoena or
subpoena duces tecum, the superintendent may apply to the court
of common pleas of Franklin county for an order compelling the
452
453
454
455
456
457
458
459
460
461
462
463
464
465
466
467
468
469
470
471
472
473
474
475
476
477
478
479
480
481 H. B. No. 152 Page 18
As Introduced
company or individual to comply with the subpoena or subpoena
duces tecum or, for failure to do so, an order to be held in
contempt of court.
(D) In connection with any investigation under this
section, the superintendent may file an action in the court of
common pleas of Franklin county or the court of common pleas of
the county in which the company or individual who is the subject
of the investigation resides, or is engaging in or proposing to
engage in actions in violation of this chapter, to obtain an
injunction, temporary restraining order, or other appropriate
relief.
Sec. 1320.09. (A)(1) Earned wage access services provided
by a registrant in accordance with this chapter shall not be
considered to be any of the following:
(a) A loan or other form of credit or debit;
(b) A money transmission;
(c) A violation of, or noncompliant with, any other
provision of the Revised Code governing the sale or assignment
of, or an order for, earned but unpaid income.
(2) A registrant providing earned wage access services in
accordance with this chapter shall not be considered to be a
creditor, debt collector, lender, or money transmitter.
(B) Notwithstanding any contrary provision of the Revised
Code, earned wage access services offered or provided by a
provider in accordance with this chapter are not subject to
Chapter 1315., 1319., or 1321. of the Revised Code.
(C) Notwithstanding any contrary provision of the Revised
Code, fees, voluntary tips, gratuities, or other donations paid
482
483
484
485
486
487
488
489
490
491
492
493
494
495
496
497
498
499
500
501
502
503
504
505
506
507
508
509 H. B. No. 152 Page 19
As Introduced
by a consumer to a registrant in accordance with this chapter
are not interest or finance charges.
(D) If there is a conflict between the provisions of this
chapter and any other provision of the Revised Code, the
provisions of this chapter control.
Sec. 1320.10. (A) The division of financial institutions
shall administer this chapter. Neither the superintendent of
financial institutions nor any deputy, assistant, clerk,
examiner, or other person employed by the division to assist in
the administration of this chapter shall be interested, directly
or indirectly, in a business registered under this chapter. Any
person so interested or who becomes so interested shall not be
eligible to hold or retain such position.
(B) The superintendent of financial institutions, in
accordance with Chapter 119. of the Revised Code, may adopt
rules and issue specific orders to enforce and carry out the
purposes of this chapter.
(C) Notwithstanding any provision of section 121.95 of the
Revised Code to the contrary, a regulatory restriction contained
in a rule adopted under this section is not subject to sections
121.95 to 121.953 of the Revised Code.
Sec. 1321.21. All fees, charges, penalties, and
forfeitures collected under Chapters 1320., 1321., 1322., 4712.,
4727., and 4728., sections 1315.21 to 1315.30, and sections
1349.25 to 1349.37 of the Revised Code shall be paid to the
superintendent of financial institutions and shall be deposited
by the superintendent into the state treasury to the credit of
the consumer finance fund, which is hereby created. The fund may
be expended or obligated by the superintendent for the
510
511
512
513
514
515
516
517
518
519
520
521
522
523
524
525
526
527
528
529
530
531
532
533
534
535
536
537
538 H. B. No. 152 Page 20
As Introduced
defrayment of the costs of administration of Chapters 1320.,
1321., 1322., 4712., 4727., and 4728., sections 1315.21 to
1315.30, and sections 1349.25 to 1349.37 of the Revised Code by
the division of financial institutions. All actual and necessary
expenses incurred by the superintendent, including any services
rendered by the department of commerce for the division's
administration of Chapters 1320., 1321., 1322., 4712., 4727.,
and 4728., sections 1315.21 to 1315.30, and sections 1349.25 to
1349.37 of the Revised Code, shall be paid from the fund. The
fund shall be assessed a proportionate share of the
administrative costs of the department and the division. The
proportionate share of the administrative costs of the division
of financial institutions shall be determined in accordance with
procedures prescribed by the superintendent. Such assessment
shall be paid from the consumer finance fund to the division of
administration fund or the financial institutions fund.
Periodically, in accordance with a schedule the director
establishes by rule, but at least once every three months, the
director of budget and management shall transfer five per cent
of all charges, penalties, and forfeitures received into the
consumer finance fund to the financial literacy education fund
created under section 121.085 of the Revised Code.
Section 2. That existing section 1321.21 of the Revised
Code is hereby repealed.
539
540
541
542
543
544
545
546
547
548
549
550
551
552
553
554
555
556
557
558
559
560
561
562