1321.07 Annual study of licensee – costs and mileage of sheriff and witnesses – subpoena.

1321.07 Annual study of licensee – costs and mileage of sheriff and witnesses – subpoena.

One or more times every year the unit of finance institutions shall make a study of the company, loans, publications, documents, and documents of every licensee thus far as they relate into the licensed company, also it can make this kind of assessment more often in case it is essential for the proper management of parts 1321.01 to 1321.19 associated with Revised Code.

The division may at any time investigate the business and examine the books, accounts, papers, and records used therein, of for the purpose of discovering violations

(B) Other individuals involved with the company described in section 1321.02 of the Revised Code or taking part in such company as major, representative, broker, or elsewhere;

(C) anybody who the unit has cause that is reasonable think has violated, is breaking, or perhaps is planning to violate parts 1321.01 to 1321.19 regarding the Revised Code, whether or otherwise not the person claims to behave under such parts. For the true purpose of this part, any one who advertises, solicits, or holds self out as prepared to make, find, or arrange for the next person which will make loan deals within the amount or regarding the value of five thousand dollars or less, is assumed become involved with business described in the first paragraph of area 1321.02 for the Revised Code.

The division shall have and be given free access to the offices and places of business, files, safes, and vaults of all such persons, and may require the attendance of, and examine under oath, any person relative to such loans or such business or to the subject matter of any examination, investigation, or hearing for the purpose of this section. The unit might need the attendance of these witnesses therefore the manufacturing of such publications, documents, and documents, because could be needed either because of the unit or by any celebration up to a hearing ahead of the unit, as well as for that function may issue a subpoena for just about any witness or a subpoena duces tecum, to compel the creation of any publications, documents, or documents, directed to your sheriff for the county where witness that is such or perhaps is discovered, which will be served and came back very much the same being a subpoena in unlawful cases is served and came back.

The charges regarding the sheriff will probably be just like that permitted when you look at the court of typical pleas in criminal situations. Witnesses will probably be compensated the fees and mileage provided for less than area 119.094 of the Revised Code. Costs and mileage will be compensated through the funds associated with the unit. No witness subpoenaed in the example of parties aside from the unit is eligible to payment through the state for attendance or travel unless the division certifies that the witness’ testimony was material to the subject material associated with the hearing.

1321.09 Licensee to protect books – yearly report.

(A) Every licensee shall keep and make use of in the licensee’s company such books, accounts, and documents since will enable the division of finance institutions to find out if the licensee is complying with parts 1321.01 to 1321.19 associated with Revised Code along with the purchases and guidelines produced by the division under those parts. Every licensee shall protect such books, records, and records for at the least couple of years after making the entry that is final any loan recorded therein. Accounting systems maintained in entire or perhaps in part by technical or electronic information processing practices that offer information equal to that otherwise required are acceptable for this function.

Every licensee each year shall file a report with the division giving such relevant information concerning the business and operations, during the preceding calendar year, of each licensed place of business conducted by the licensee within the state as required by the superintendent of financial institutions. In case a licensee has one or more bar or nightclub through this state it really is optional because of the licensee to furnish the report for every single location, or a report that is composite all areas. Such report will be made under oath when you look at the type recommended because of the unit, which shall make and publish yearly an analysis and recapitulation of these reports. Such licensee reports aren’t public information and shall simply be utilized by the unit for the intended purpose of enforcing sections 1321.01 to 1321.19 associated with the Revised Code or any guidelines or requests manufactured in conformity with those sections. Such licensee reports can be introduced into proof or disclosed whenever as well as in the way in which authorized in part 1181.25 associated with Revised Code, or perhaps in reference to unlawful procedures.

This part doesn’t stop the unit from releasing to or trading along with other standard bank regulatory authorities information associated with licensees.

(B) For purposes for this section, “financial institution regulatory authority” includes a pennsylvania installment loans direct lenders regulator of a small business task by which a licensee is involved, or has used to take part in, towards the level that the regulator has jurisdiction over a licensee involved with that company task. A licensee is involved in a continuing company task, and a regulator of this company task has jurisdiction throughout the licensee, perhaps the licensee conducts the experience straight or even a subsidiary or affiliate regarding the licensee conducts the experience.

Effective Date: 06-18-2002.