Ohio Code § 1345.67
Ohio Code § 1345.67. Reproduced from the official Ohio Revised Code, with a citation summary, verification link, and related provisions.
§ 1345.67.
(A) Every invention developer rendering or offering to render invention development services
in this state shall maintain a bond in the amount of ten thousand dollars issued by
a surety company that is authorized to do business in this state. The invention developer shall file a copy of the bond with the secretary of state
prior to the time the invention developer first commences business in this state. (B) The bond required by division (A) of this section shall be payable in favor of the
state for the benefit of any person who, after entering into a contract for invention
development services with an invention developer, is damaged by fraud, dishonesty,
or the failure of the invention developer to provide the invention development services
required in performance of the contract. Any person claiming against the bond may maintain an action against the invention
developer and the surety. The aggregate liability of the surety to all persons for all breaches of conditions
of the bond provided in this section shall not exceed the amount of the bond. (C) In lieu of furnishing the bond as required by this section, the invention developer
may deposit with the secretary of state a deposit in an amount equal to the required
amount of the bond. The deposit may be satisfied by any of the following: (1) Certificates of deposit payable to the secretary of state issued by banks doing business
in this state and insured by the federal deposit insurance corporation; (2) Investment certificates of share accounts assigned to the secretary of state and
issued by a savings and loan association doing business in this state and insured
by the federal savings and loan insurance corporation; (3) Cash. (D) The bond or deposit required by this section shall be canceled or returned to the
invention developer two years after he ceases doing business in this state so long
as no lawsuits by Ohio customers are pending against it at the time. The secretary of state shall cancel or return the bond or deposit as required by
this section no later than sixty days after the invention developer gives notice of
his eligibility for the cancellation and return of the bond or deposit.
Source: official Ohio text · Last verified 2026-08-27
At a glance
- Citation: Ohio Revised Code § 1345.67
- Jurisdiction: Ohio
- Code: Ohio Revised Code
- Text: transcribed from the official source (verify below)
Verify the text
Statute text is transcribed from the official Ohio Revised Code. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Ohio attorney.
Common questions
What is the source of Ohio Revised Code § 1345.67?
The text above is transcribed from the Ohio Revised Code, the codified statutes of Ohio. The official publisher link appears under "Verify the text" on this page.
What subject does Ohio Revised Code § 1345.67 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Ohio Revised Code § 1345.67 still in force?
Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Ohio source before relying on this text.
Can this page be used as legal advice?
No. This is a reference transcription for research. Applying Ohio law to your facts requires a licensed Ohio attorney who can review the specifics.