Ohio Code § 1334.04
Ohio Code § 1334.04. Reproduced from the official Ohio Revised Code, with a citation summary, verification link, and related provisions.
§ 1334.04.
(A) If, pursuant to division (H) of section 1334.03 of the Revised Code , a seller is required to obtain a surety bond or establish a trust account, the bond
or trust account required shall be in favor of the state for the benefit of any purchaser
who is damaged by a violation of, or by the seller's breach of an agreement subject
to, sections 1334.01 to 1334.15 of the Revised Code . The surety bond shall be issued by a surety company authorized to do business in
this state. A trust account shall be established and maintained in this state. (B) Any person claiming against the bond or trust account may maintain an action against
the seller and the surety or trustee, except that the surety or trustee shall be liable
only for actual damages. The aggregate liability of the surety or trustee to all purchasers shall not exceed
the amount of the bond or trust account. (C) A seller shall establish the bond or trust account in an amount of not less than
fifty thousand dollars at the commencement of business for the first six months. By the tenth day of the seller's seventh month in business, the bond or trust account
shall be adjusted so that it is in an amount equal to the total amount of the initial
payments and promissory notes required by all agreements the seller has entered into
in this state during the previous six months, in connection with which the seller
has represented that there is a buy-back arrangement or that the purchaser's initial
payment or promissory note is secured in any manner. Thereafter, the amount shall be similarly adjusted semiannually, no later than the
tenth day of the first month of the seller's fiscal year and no later than the tenth
day of the seventh month of the seller's fiscal year. A seller may reduce the amount of the bond or trust account by the amount of the
initial payment or promissory note required by any agreement under which the term
of a buy-back or security arrangement has expired. In no event shall the amount of the bond or trust account be less than ten thousand
dollars.
Source: official Ohio text · Last verified 2026-08-27
At a glance
- Citation: Ohio Revised Code § 1334.04
- Jurisdiction: Ohio
- Code: Ohio Revised Code
- Text: transcribed from the official source (verify below)
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Common questions
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