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Consumer Finance 2023 Renewal Checklist

Ohio Division of Financial Institutions Consumer Finance 2023 Renewal Checklist

For all entities that will renew via the NMLS for the 2023 calendar year, please see the following information for your specific license type(s).  The first expandable section is for all licenses, and the remaining sections are broken out by each separate license.  Please review all information before you renew (renew November 1 through December 31, 2022) and let us know if you have questions or need additional information:  WebDFI-CF@com.ohio.gov

All Entities

Notifications, FAQs, and Reminders

  • A licensed business or individual may continue to operate after filing a complete and timely renewal application, even if the Division has not yet processed the renewal, per O.R.C. § 119.06.
  • License Items/Renewal Prevention: Certain license items will prevent renewal (e.g.: Mortgage Call Reports (MCRs), and past due AFI).  Additionally, companies in Approved-Deficient status are prevented from requesting renewal until all requirements and/or deficiencies are addressed. Please contact the Division at WebDFI-CF@com.ohio.gov once this is completed and we will discuss changing your license status so that you can request renewal. 
  • Approved-Conditional and Approved-Deficient Status: All Companies in "Approved-Conditional" and "Approved Deficient" status will not be able to request renewal until all requirements and/or deficiencies are addressed. Please address any outstanding issues, and then contact the Division at WebDFI-CF@com.ohio.gov once this is completed and we will discuss changing your license status so that you can request renewal. 
  • Company Amendments: Update any company information BEFORE renewal begins, including changes to disclosure question responses.  Updating any non-renewal company information during renewal will slow down the renewal approval process.
  • Electronic Surety Bond (ESB) 2023 updates: It is the surety bond company’s responsibility to update the electronic surety bond, including name changes, dollar amounts, and any other changes necessary. See the applicable license/registration type New Application Checklist for details and instructions. Please ensure that the company’s Electronic Surety Bond is renewed before filing for renewal for the 2023 calendar year. Uploading a paper copy to the company’s NMLS account will NOT satisfy the bond requirement.  Applicable ESB license types:
    • MLO (if supervised by RMLA exempt entity)
    • Credit Services Organization
    • Precious Metals Dealer (optional)
    • RMLA
    • RMLA Exemption
    • TRMLA Third-Party Processors/Underwriters
    • Short-Term Loan Act (including Non-Profits)
  • Processing timeframe: Please wait at least six to eight weeks' processing time before contacting the Division with questions concerning an application.
  • Mortgage Loan Originator Certificates (MLO): The Division does not provide individual license pdf certificates. MLOs and the public may rely on information provided on NMLS to demonstrate and determine license status. 
  • NSF charge: If a payment is not honored, it must be submitted again through NMLS. In addition to any fee paid to NMLS, a $100 nonsufficient funds (NSF) charge to the State of Ohio, Division of Financial Institutions is required.  All NSF fees will be invoiced through NMLS.

Keep in Mind:

  • Renewal Checklist: Review the NMLS Renewal Checklist to determine any documentation required outside of NMLS.  All requirements must be submitted to us within five business days of the electronic renewal submission via email to WebDFI-CF@com.ohio.gov.
  • Renewal Request due dates: Submit through NMLS between November 1 and December 31. Begin the renewal process early to allow adequate time to research/gather your information and submit timely.  Visit the NMLS to review all renewal deadlines, requirements and fees

  • Reinstatement/Reinstatement Fee for RMLA entities and MLOs: Late Renewal Requests (submitted after December 31) are permitted only for RMLA Certificates of Registration and Mortgage Loan Originators from January 1 through February 15 and will be subject to a $150 reinstatement fee per individual or location. Visit the NMLS to review all renewal deadlines, requirements and fees.

  • No Reinstatement Period: Licensees who do not request renewal will be expired on or after January 1, 2023. New license requests are required for expired licenses of the following:
    • Check Cashing Act
    • Consumer Installment Loan Act 
    • General Loan Law registrants
    • Insurance Premium Finance Act 
    • Precious Metals Dealer Act 
    • RMLA Exemptions
    • RMLA 501(C)(3) Exemptions
    • RMLA Third-Party Processor/Underwriter Exemptions
    • Short Term Loan Act (including non-profit organizations)
    • Small Loan Act 
  • NMLS account issues:  If you have problems logging in to your NMLS account, contact NMLS directly at 1-855-NMLS-123 (1-855-665-7123). If you contact DFI, we are unable to assist with NMLS account log-in issues so you must contact NMLS directly.

 

Note: we will email PDF certificates for company licenses/certificates of registration to the Primary Company Contact email address indicated in NMLS. 

5 Tips for Licensees to Prepare for NMLS Renewal  

•    Update your NMLS record – log in and check to make sure your profile is accurate        
•    Reset your NMLS password – new password requirements are in effect as of March  
•    Provide a current email address – take this step to ensure you receive important updates from NMLS during renewals  
•    Review state-specific renewal requirements – state agencies begin publishing requirements, including deadlines and fees, in September    
•    Access free, on-demand renewal training – CSBS develops a variety of resources for licensees to become familiar with the renewal process         

Checklists by License Type

Ohio RMLA Mortgage Loan Originator License

Renewal Requirement Items Submitted via…
Request Renewal: File with NMLS a license renewal request prior to the expiration date of the current license. The renewal request must be filed by December 31. NMLS
Continuing Education: Complete at least eight (8) hours of continuing education credits prior to the license expiration date. NMLS
FBI Criminal Background Check (CBC): An FBI CBC is required for the upcoming Renewal. NMLS

Surety Bond, if applicable: Mortgage Loan Originators are required to carry a surety bond ONLY if employed by an RMLA Exemption that does NOT carry a bond. 

Note: Surety bonds submitted via the Document Uploads section will not satisfy this requirement.

Electronic Surety Bond in NMLS
NOTE: Reinstatement. license renewal requests received after December 31 but before February 15 shall be subject to a $150 reinstatement fee. A license that remains expired after February 15 cannot be renewed; the individual must apply for a new license and will be subject to all applicable new license requirements. NMLS

 

Ohio Check Cashing Act 

Renewal Requirement Items Submitted via…
Request Renewal: File with NMLS a license renewal request prior to the expiration date of the current license. The renewal request must be filed by December 31. NMLS

Financial Statements: Upload an Audited or Unaudited financial statement prepared in accordance with Generally Accepted Accounting Principles dated within 90 days prior to the expiration date of December 31. Financial statements should include a balance sheet, income statement, and statement of cash flows and all relevant notes thereto. The financial statement must demonstrate that the company meets the $25,000 net worth requirement per O.R.C. § 1315.23(B).

See the Financial Statements Quick Guide for instructions.

Upload in NMLS: Financial statements are uploaded separately under the Filing tab and Financial Statement submenu link.

Approvals and Designation: Money Service Business Registration/Exemption. Submit proof of an exemption or Money Services Businesses (MSB) registration.

Document should be named [Company Legal Name] – OH MSB Registration [YEAR].

Upload in NMLS: under MSB Registration in the Document Uploads section of the Company Form (MU1).
NOTE: Late renewal and reinstatement are not available for CC companies or branches.  If the renewal request is not filed by December 31, the company must apply for a new license and will be subject to all applicable new license requirements. NMLS

Ohio Consumer Installment Loan Act

Renewal Requirement Items Submitted via…
Request Renewal: File with NMLS a license renewal request prior to the expiration date of the current license. The renewal request must be filed by December 31. NMLS

Financial Statements: Upload an Audited or Unaudited financial statement prepared in accordance with Generally Accepted Accounting Principles dated within 90 days prior to the expiration date of December 31. Financial statements should include a balance sheet, income statement, and statement of cash flows and all relevant notes thereto.

The financial statement must illustrate a company net worth of at least $50,000 and assets of at least $50,000 for each branch per O.R.C. § 1321.65.

See the Financial Statements Quick Guide for instructions.

Upload in NMLS: Financial statements are uploaded separately under the Filing tab and Financial Statement submenu link.

NOTE: Late renewal and reinstatement are not available for CILA companies or branches.  If the renewal request is not filed by December 31, the company must apply for a new license and will be subject to all applicable new license requirements. NMLS

Ohio Credit Services Organization Act

Renewal Requirement Items Submitted via…
Request Renewal: File with NMLS a registration renewal request prior to the expiration date of the current registration. The renewal request must be filed by December 31. NMLS

Electronic Surety Bond: Ensure the Electronic Surety Bond is in the amount of $50,000 for the renewal calendar year, and submitted by a surety company authorized to conduct business in Ohio.
See the ESB Adoption Table and the ESB for NMLS Licensees page of the NMLS Resource Center for more information.

Note: Surety bonds submitted via the Document Uploads section will not satisfy this requirement.

Electronic Surety Bond in NMLS
NOTE: Late renewal and reinstatement are not available for CSO companies or branches. If the renewal request is not filed by December 31, the company must apply for a new registration and will be subject to all applicable new registration requirements. NMLS

Ohio General Loan Law

Renewal Requirement Items Submitted via…
Request Renewal: File with NMLS a registration renewal request prior to the expiration date of the current registration. The renewal request must be filed by December 31. NMLS

Financial Statements: Upload an Audited or Unaudited financial statement prepared in accordance with Generally Accepted Accounting Principles dated within 90 days prior to the expiration date of December 31. Financial statements should include a balance sheet, income statement, and statement of cash flows and all relevant notes thereto.

The financial statement must illustrate a company net worth of at least $50,000 and assets of at least $50,000 for each branch.

See the Financial Statements Quick Guide for instructions.

Upload in NMLS: Financial statements are uploaded separately under the Filing tab and Financial Statement submenu link.
NOTE: Late renewal and reinstatement are not available for GLL companies or branches. If the renewal request is not filed by December 31, the company must apply for a new registration and will be subject to all applicable new registration requirements. NMLS

Ohio Insurance Premium Finance Act

Renewal Requirement Items Submitted via…
Request Renewal: File with NMLS a license renewal request prior to the expiration date of the current license. The renewal request must be filed by December 31. NMLS

Financial Statements: Upload an Audited or Unaudited financial statement prepared in accordance with Generally Accepted Accounting Principles dated within 90 days prior to the expiration date of December 31. Financial statements should include a balance sheet, income statement, and statement of cash flows and all relevant notes thereto.

The financial statement must demonstrate a company net worth of at least $50,000 per O.R.C. § 1321.73(D)

See the Financial Statements Quick Guide for instructions.

Upload in NMLS: Financial statements are uploaded separately under the Filing tab and Financial Statement submenu link.
NOTE: Late renewal and reinstatement are not available for PF companies or branches.  If the renewal request is not filed by December 31, the company must apply for a new license and will be subject to all applicable new license requirements. NMLS

Ohio Precious Metals Dealer Act

Renewal Requirement Items Submitted via...
Request Renewal: File with NMLS a license renewal request prior to the expiration date of the current license. The renewal request must be filed by December 31. NMLS

Financial Statements: Upload an Audited or Unaudited financial statement prepared in accordance with Generally Accepted Accounting Principles dated within 90 days prior to the expiration date of December 31. Financial statements should include a balance sheet, income statement, and statement of cash flows and all relevant notes thereto.

The financial statement must demonstrate a company net worth of at least $10,000 per O.R.C. § 4728.03(B)(2).

See the Financial Statements Quick Guide for instructions.

OR

Electronic Surety Bond: Ensure the Electronic Surety Bond is in the amount of $10,000 for the renewal calendar year, and submitted by a surety company authorized to conduct business in Ohio. 

See the ESB Adoption Table and the ESB for NMLS Licensees page of the NMLS Resource Center for more information.

Note: Surety bonds submitted via the Document Uploads section will not satisfy this requirement.

The Electronic Surety Bond must demonstrate a company net worth of at least $10,000 per O.R.C. § 4728.03(B)(2).

Upload in NMLS under the Filing tab and Financial Statement submenu link.

 

 

 

 

Electronic Surety bond in NMLS

NOTE: Late renewal and reinstatement are not available for PM companies or branches.  If the renewal request is not filed by December 31, the company must apply for a new license and will be subject to all applicable new license requirements. NMLS

 

Ohio Residential Mortgage Lending Act

Renewal Requirement Items Submitted via…
Request Renewal: File with NMLS a registration renewal request prior to the expiration date of the current registration. The renewal request must be filed by December 31. NMLS

Electronic Surety Bond: Ensure the Electronic Surety Bond is in the amount of a minimum of $50,000 and a maximum of $150,000 for the renewal calendar year, and submitted by a surety company authorized to conduct business in Ohio.

See the ESB Adoption Table and the ESB for NMLS Licensees page of the NMLS Resource Center for more information.

Note: It is company’s responsibility to ensure the bond is applicable throughout the entirety of the upcoming calendar year.  ESBs do not automatically renew for the correct amount, name change, or legal status.

Note: It is the company’s responsibility to ensure the bond is current and accurate at all times throughout licensure.  If any changes to the ESB are required, the company must contact the producer.  Visit the ESB for NMLS Licensees page of the NMLS Resource Center for more information about the Electronic Surety Bond process.

Surety Bond Requirements Table

Amount of Mortgage Originations
For the previous year
Bond Amount
$0.00 to $10,000,000.00 Minimum - $50,000.00
$10,000,000.01 to $12,000,000.00 $60,000.00
$12,000,000.01 to $14,000,000.00 $70,000.00
$14,000,000.01 to $16,000,000.00 $80,000.00
$16,000,000.01 to $18,000,000.00 $90,000.00
$18,000,000.01 to $20,000,000.00 $100,000.00
$20,000,000.01 to $22,000,000.00 $110,000.00
$22,000,000.01 to $24,000,000.00 $120,000.00
$24,000,000.01 to $26,000,000.00 $130,000.00
$26,000,000.01 to $28,000,000.00 $140,000.00
$28,000.000.01 to $30,000.000.00 Maximum $150,000.00
$30,000,000.01 to any amount over $30 Million Maximum $150,000.00

Formula: Any amount listed on the Bond Declaration form X .50% = Bond Amount

Note: For servicing-only companies, the bond must be at least the minimum requirement of $150,000.

Note: Surety bonds submitted via the Document Uploads section will not satisfy this requirement.

Electronic Surety Bond in NMLS

Surety Bond Declaration and Company Resolution: Companies that will carry an Electronic Surety bond of less than $150,000 must submit the Surety Bond Declaration Form. Surety Bond not accompanied by the Surety Bond Declaration Form will not satisfy this requirement.  The company will declare the Year-To-Date Nationwide aggregate origination volume for 2022. Click here for Surety Bond Declaration and Company Resolution.

Document must be named Declaration and Company Resolution.

Note: Company Resolution is not necessary for sole proprietors, mortgage loan originators, or if the designee is on file as having previously been given authority to submit documents on behalf of the company.

Upload in NMLS: under Surety Bond in the Document Uploads section of the Company Form (MU1).
Reinstatement: Registration renewal requests received after December 31 but before February 15 shall be subject to a $150 reinstatement fee. A registration that remains expired after February 15 cannot be renewed; the company must apply for a new registration and will be subject to all applicable new registration requirements. NMLS

Ohio RMLA Letter of Exemption

Renewal Requirement Items Submitted via…
Request Renewal: File with NMLS an exemption renewal request prior to the expiration date of the current exemption. The renewal request must be filed by December 31. NMLS

Electronic Surety Bond: Ensure the Electronic Surety Bond is in the amount of a minimum of $50,000 and a maximum of $150,000 for the renewal calendar year, and submitted by a surety company authorized to conduct business in Ohio.  

See the ESB Adoption Table and the ESB for NMLS Licensees page of the NMLS Resource Center for more information.

Note: It is company’s responsibility to ensure the bond is applicable throughout the entirety of the upcoming calendar year.  ESBs do not automatically renew for the correct amount, name change, or legal status.

Note: It is the company’s responsibility to ensure the bond is current and accurate at all times throughout licensure.  If any changes to the ESB are required, the company must contact the producer.  Visit the ESB for NMLS Licensees page of the NMLS Resource Center for more information about the Electronic Surety Bond process.

Surety Bond Requirements Table

Amount of Mortgage Originations
For the previous year
Bond Amount
$0.00 to $10,000,000.00 Minimum - $50,000.00
$10,000,000.01 to $12,000,000.00 $60,000.00
$12,000,000.01 to $14,000,000.00 $70,000.00
$14,000,000.01 to $16,000,000.00 $80,000.00
$16,000,000.01 to $18,000,000.00 $90,000.00
$18,000,000.01 to $20,000,000.00 $100,000.00
$20,000,000.01 to $22,000,000.00 $110,000.00
$22,000,000.01 to $24,000,000.00 $120,000.00
$24,000,000.01 to $26,000,000.00 $130,000.00
$26,000,000.01 to $28,000,000.00 $140,000.00
$28,000.000.01 to $30,000.000.00 Maximum $150,000.00
$30,000,000.01 to any amount over $30 Million Maximum $150,000.00

Formula: Any amount listed on the Bond Declaration form X .50% = Bond Amount

Note: For servicing-only companies, the bond must be at least the minimum requirement of $150,000.

Note: Surety bonds submitted via the Document Uploads section will not satisfy this requirement.

Electronic Surety Bond in NMLS

Surety Bond Declaration and Company Resolution: Companies that will carry an Electronic Surety bond of less than $150,000 must submit the Surety Bond Declaration Form. Surety Bond not accompanied by the Surety Bond Declaration Form will not satisfy this requirement.  The company will declare the Year-To-Date Nationwide aggregate origination volume for 2022. Click here for Surety Bond Declaration and Company Resolution.

Document must be named Declaration and Company Resolution.

Note: Company Resolution is not necessary for sole proprietors, mortgage loan originators, or if the designee is on file as having previously been given authority to submit documents on behalf of the company.

Upload in NMLS: under Surety Bond in the Document Uploads section of the Company Form (MU1).
NOTE: Late renewal and reinstatement are not available for CUSO or Depository Exemption companies or branches.  If the renewal request is not filed by December 31, the company must apply for a new exemption and will be subject to all applicable new exemption requirements. NMLS

 

Ohio RMLA 501(C)(3) Exemption

Renewal Requirement Items Submitted via…
Request Renewal: File with NMLS an exemption renewal request prior to the expiration date of the current exemption. The renewal request must be filed by December 31. NMLS
NOTE: Reinstatement is not available for 501(C)(3) companies or branches. If the renewal request is not filed by December 31, the company must apply for a new exemption and will be subject to all applicable new exemption requirements. NMLS

Ohio RMLA Third Party Processor/Underwriter Exemption

Renewal Requirement Items Submitted via…
Request Renewal: File with NMLS a exemption renewal request prior to the expiration date of the current exemption. The renewal request must be filed by December 31. NMLS

Electronic Surety Bond: Ensure the Electronic Surety Bond is in the amount of $50,000 for the renewal calendar year, and submitted by a surety company authorized to conduct business in Ohio.  

See the ESB Adoption Table and the ESB for NMLS Licensees page of the NMLS Resource Center for more information.

Note: Surety bonds submitted via the Document Uploads section will not satisfy this requirement.

Electronic Surety Bond in NMLS
NOTE: Late renewal and reinstatement are not available for TP companies or branches.  If the renewal request is not filed by December 31, the company must apply for a new exemption and will be subject to all applicable new exemption requirements. NMLS

 

Ohio Short Term Lender License

Renewal Requirement Items Submitted via…
Request Renewal: File with NMLS a license renewal request prior to the expiration date of the current license. The renewal request must be filed by December 31. NMLS
Financial Statements: Upload an Audited or Unaudited financial statement prepared in accordance with Generally Accepted Accounting Principles dated within 90 days prior to the expiration date of December 31. Financial statements should include a balance sheet, income statement, and statement of cash flows and all relevant notes thereto.
The financial statement must illustrate a company net worth of at least $100,000 and net worth of at least $100,000 for each branch.
See the Financial Statements Quick Guide for instructions.
Upload in NMLS: Financial statements are uploaded separately under the Filing tab and Financial Statement submenu link.

Electronic Surety Bond: Ensure the Electronic Surety Bond is in the amount of $100,000 for the renewal calendar year, and submitted by a surety company authorized to conduct business in Ohio.  

See the ESB Adoption Table and the ESB for NMLS Licensees page of the NMLS Resource Center for more information.

Note: It is company’s responsibility to ensure the bond is applicable throughout the entirety of the upcoming calendar year.  ESBs do not automatically renew for the correct amount, name change, or legal status.

Note: It is the company’s responsibility to ensure the bond is current and accurate at all times throughout licensure.  If any changes to the ESB are required, the company must contact the producer.  Visit the ESB for NMLS Licensees page of the NMLS Resource Center for more information about the Electronic Surety Bond process.

Note: Surety bonds submitted via the Document Uploads section will not satisfy this requirement.

Electronic Surety Bond in NMLS
NOTE: Late renewal and reinstatement are not available for ST companies or branches.  If the renewal request is not filed by December 31, the company must apply for a new license and will be subject to all applicable new license requirements. NMLS

 

Ohio Small Loan Act

Renewal Requirement Items Submitted via…
Request Renewal: File with NMLS a license renewal request prior to the expiration date of the current license. The renewal request must be filed by December 31. NMLS

Financial Statements: Upload an Audited or Unaudited financial statement prepared in accordance with Generally Accepted Accounting Principles dated within 90 days prior to the expiration date of December 31. Financial statements should include a balance sheet, income statement, and statement of cash flows and all relevant notes thereto.

The financial statement must illustrate a company liquid asset of at least $10,000 per licensed location throughout licensure per O.R.C. § 1321.05.

See the Financial Statements Quick Guide for instructions.

Upload in NMLS: Financial statements are uploaded separately under the Filing tab and Financial Statement submenu link.
NOTE: Late renewal and reinstatement are not available for SL companies or branches.  If the renewal request is not filed by December 31, the company must apply for a new license and will be subject to all applicable new license requirements.
 
NMLS