Loading chat...
OH HB187
Bill
Status
4/5/2011
Primary Sponsor
Barbara Boyd
Click for details
AI Summary
-
Establishes new "Residential Mortgage Servicers Registration Act" requiring mortgage servicers to register with the Ohio superintendent of financial institutions and maintain a certificate of registration
-
Defines "mortgage servicer" as any person collecting scheduled payments on residential mortgage loans and applies escrow payments; exempt entities include banks, credit unions, and government agencies
-
Requires servicers to maintain minimum net worth of $250,000, obtain surety bonds for accelerated payment plan operators, designate an experienced operations manager, and submit to criminal background checks
-
Imposes operational duties on servicers including good faith dealings, timely escrow payments, payoff statement disclosure, proper insurance handling, and prohibition on unfair debt collection practices
-
Establishes civil penalties up to $1,000 per day for violations, criminal penalties including felony charges, and borrower right to recover improper charges plus attorney fees and punitive damages
Legislative Description
To require registration of residential mortgage servicers, to regulate residential mortgage servicers, and to adopt civil and criminal penalties for violations of the bill's provisions.
Residential mortgage servicers-regulate
Last Action
To Financial Institutions, Housing & Urban Development
4/5/2011