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OH SB124
Bill
AI Summary
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Changes transfer on death (TOD) property designation from a deed to an affidavit format, allowing individuals holding property as sole owners, tenants in common, survivorship tenants, or tenants by the entireties to designate beneficiaries who will receive the property upon death.
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Clarifies that trustees of trusts designated as TOD beneficiaries are recognized as beneficiaries, and that spouses' dower rights are subordinate to the vesting of TOD-designated property in the named beneficiaries.
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Modifies mortgage lending laws regarding loan originators, mortgage brokers, and related licensing and registration requirements under the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008.
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Temporarily authorizes treasurers and prosecuting attorneys in counties with populations between 800,000 and 900,000 to use up to 50% of surplus Delinquent Tax and Assessment Collection Fund balances for operating expenses (expires December 31, 2011).
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Authorizes the Governor to release the state's reversionary interest in real estate in Auglaize County that was previously conveyed for youth recreation center purposes, and allows county recorders to accept certain nonconforming documents without charging additional fees.
Legislative Description
, and to amend Section 745.60 of Am. Sub. H.B. 1 of the 128th General Assembly to change the transfer on death (TOD) designation instrument from a deed to an affidavit, to allow real property owners holding title in survivorship tenancy to execute such an affidavit, to clarify the status of a trustee of a trust as a TOD beneficiary and the dower rights of the spouse of the property owner, to make other changes pertaining to the transfer on death of real property, to modify the mortgage lending laws, to temporarily authorize a treasurer or prosecuting attorney of a county with a population of more than 800,000 but less than 900,000 to designate that part of any surplus balance in the county's Delinquent Tax and Assessment Collection Fund be used to pay operating expenses of the respective office in lieu of county general fund money, to allow a county recorder to accept for filing certain nonconforming documents without charging the fees otherwise required to be collected for nonconforming documents, relative to coal mining leases at Burr Oak State Park, to authorize the Governor to execute a release of reversionary interest in certain real estate located in Auglaize County, and to declare an emergency.
Real property-transfers on death law
Last Action
Effective Date
12/28/2009