Ohio Code § 1322.29

§ 1322.29.

(A) A registrant or entity holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code shall supervise all business of a mortgage loan originator conducted at the principal

office, any branch office, or other location used by the individual mortgage loan

originator. (B) If a mortgage loan originator's employment or association is terminated for any reason,

the licensee may request the transfer of the license to another registrant by submitting

a transfer application, along with a fifteen-dollar fee and any fee required by the

national mortgage licensing system and registry, to the superintendent of financial

institutions or may request the superintendent in writing to hold the license in escrow.  Any licensee whose license is held in escrow shall cease activity as a mortgage

loan originator.  A licensee whose license is held in escrow shall be required to apply for renewal

annually and to comply with the annual continuing education requirement. (C) A registrant may employ or be associated with a mortgage loan originator on a temporary

basis pending the transfer of the mortgage loan originator's license to the registrant,

if the registrant receives written confirmation from the superintendent that the mortgage

loan originator is licensed under this chapter. (D) Notwithstanding divisions (A) to (C) of this section, if a licensee is employed by

or associated with a person or entity holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code , and if the mortgage loan originator's employment or association is terminated, the

mortgage loan originator shall notify the superintendent within five business days

after termination.  The licensee may request the transfer of the license to another person or entity

holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code by submitting a transfer application, along with a fifteen-dollar fee and any fee

required by the national mortgage licensing system and registry, to the superintendent

or may request the superintendent in writing to hold the license in escrow.  A licensee whose license is held in escrow shall cease activity as a mortgage loan

originator.  A licensee whose license is held in escrow shall be required to apply for renewal

annually and to comply with the annual continuing education requirement. (E) A licensee may seek to be employed by or associated with a registrant or a person

or entity holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code , if the registrant receives written confirmation from the superintendent that the

mortgage loan originator is licensed under this chapter.