Ohio Admin. Code 109:4-3-23 - Required disclosure at closing
(A) Division (B)(8) of section
1345.031 of the Revised Code
states that no supplier shall fail to disclose to the consumer at the closing
of the consumer transaction that a consumer is not required to complete a
consumer transaction merely because the consumer has received prior estimates
of closing costs or has signed an application and should not close a loan
transaction that contains different terms and conditions than those the
consumer was promised.
(B) To
comply with division (B)(8) of section
1345.031 of the Revised Code, a
supplier must provide the notice attached to this rule as
addendum
appendix A, in writing, in duplicate, in at least
fourteen point type, signed and dated by the consumer before the consumer signs
any other document at the closing of the loan. Compliance with this provision
by any supplier required to provide the notice is deemed to constitute
compliance by all suppliers required to provide the notice.
(C) The supplier shall provide a copy of the
signed disclosure required under this rule to the consumer at the closing. In
the event there is more than one consumer who is a party to the residential
mortgage loan transaction, the supplier must obtain the signature of, and
provide a copy of, the signed disclosure required under this rule to each
consumer.
(D) The supplier shall
retain the original or a copy of the signed closing disclosure form required
under this rule in the consumer's loan file for a period of at least two years
from the date of closing, or as required by other applicable state or federal
law, whichever time period is greater. Records required to be retained under
this rule may be retained in an electronic format.
(E) The requirement that the supplier obtain
and retain the disclosure required under this rule cannot be waived.
Notes
Promulgated Under: 119.03
Statutory Authority: R.C. 1345.05
Rule Amplifies: R.C. 1345.031(B)(8)
Prior Effective Dates: 01/07/2007, 07/20/2017
Promulgated Under: 119.03
Statutory Authority: 1345.05
Rule Amplifies: 1345.031(B)(8)
Prior Effective Dates: 1/7/07
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