Ohio Code § 1707.391

§ 1707.391.

When any securities have been sold in reliance upon division (Q), (W), (X), or (Y)

of section 1707.03 of the Revised Code, section 1707.08 of the Revised Code, or any other section of this chapter that the division of securities

may specify by rule, but such reliance was improper because the required filings were

not timely or properly made due to excusable neglect, upon the effective date of an

application made to the division and payment of any applicable fee, if required and

not already paid, and upon payment of a penalty fee equal to the greater of the fee

or one hundred dollars, the sale of the securities shall be deemed exempt, qualified,

or registered, as though timely and properly filed.  The application shall become effective upon the expiration of fourteen days after

the date of the filing in question if prior thereto the division did not give notice

to the applicant that the application was denied based on a finding of lack of excusable

neglect.  The division shall promptly adopt and promulgate rules establishing provisions defining

excusable neglect and otherwise establishing reasonable standards for determining

excusable neglect. The effectiveness of an application under this section does not relieve anyone who

has, other than for excusable neglect, violated sections 1707.01 to 1707.50 of the Revised Code , or any previous law in force at the time of sale, from prosecution thereunder.