S.B. No. 62 - Summary

• Amends Ohio's mortgage lending, consumer credit, and financial services laws, including definitions and licensing requirements for mortgage lenders, brokers, servicers, and loan originators.

• Enacts new Section 1319.17 establishing commercial credit reporting standards, allowing businesses to request and dispute their commercial credit reports similar to consumer protections.

• Modifies loan officer and mortgage lender requirements under Chapter 1322, streamlining registration processes and allowing operations outside Ohio with minimal physical presence.

• Updates consumer transaction protections (Chapter 1345) and foreclosure notice requirements for junior liens, requiring 30-day pre-foreclosure notices to debtors with specific disclosures.

• Makes technical amendments to chapters on business linked deposits, consumer finance, bad check fraud statutes, and credit services organizations to align terminology and regulatory procedures.