Substitute House Bill No. 38 Summary

• Amends Ohio's commercial credit reporting requirements to allow businesses to request and review their commercial credit reports, with protections for information sources and a 30-day dispute resolution process.

• Modifies the Business Linked Deposit Program to expand eligible lending institutions to include federal credit unions, foreign credit unions, and state credit unions.

• Updates residential mortgage lending regulations including definitions, registration requirements, surety bond provisions, and licensing procedures under the nationwide mortgage licensing system.

• Extends property tax valuation complaint procedures to allow property owners to request adjustments for COVID-19 pandemic-related diminished value in tax years 2020-2022.

• Repeals temporary mortgage loan originator license provisions and clarifies numerous definitions and procedural requirements throughout Ohio's financial services and consumer credit laws.