COLUMBUS—State Representative Louis W. Blessing III (R-Colerain) today announced that the Ohio House of Representatives has passed legislation that makes changes to Ohio’s lending law in relation to mortgage bankers and brokers.

In an effort to modernize, streamline and clarify lending regulations, the bill ensures greater conformity with federal guidelines and helps to eliminate confusion amongst the industry and regulators. Through the creation of the Ohio Residential Mortgage Lending Act (RMLA), the measure standardizes non-depository lending secured by mortgage bankers and mortgage brokers, thus updating the statute for the benefit of consumers, those in the lending industry and financial institutions. 

“I'm truly honored to be carrying this commonsense piece of legislation,” said Rep. Blessing, who sponsored the bill. “This will give mortgage bankers, brokers and loan examiners the clarity they need to operate more efficiently. I can't thank Chairman Jonathan Dever enough for his hard work shepherding this bill through the committee.”

Substitute House Bill 199 works to address inconsistencies in the industry, allowing mortgage bankers and mortgage brokers to license under the same section of code in order to eliminate confusion. The result of this change is the removal of the “mortgage banker” exemption while also providing greater authority to the Department of Financial Institutions over these lenders.

The bill, which passed with bipartisan support, now awaits consideration by the Ohio Senate.

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