1321.07 yearly study of licensee – costs and mileage of sheriff and witnesses – subpoena.
At least one time every year the division of finance institutions shall make a study of the company, loans, publications, documents, and records of every licensee up to now because they pertain into the licensed company, also it will make this kind of assessment more often in case it is required for the correct management of parts 1321.01 to 1321.19 associated with the Revised Code.
For the intended purpose of discovering violations, the unit may whenever you want investigate the business enterprise and examine the books, records, documents, and records utilized therein, of:
(B) Other individuals involved with the company described in section 1321.02 of the Revised Code or taking part in such company as principal, agent, broker, or elsewhere;
(C) anybody whom the division has cause that is reasonable think has violated, is breaking, or perhaps is going to break parts 1321.01 to 1321.19 for the Revised Code, whether or otherwise not the person claims to behave under such parts. Any person who advertises, solicits, or holds self out as willing to make, find, or arrange for another person to make loan transactions in the amount or of the value of five thousand dollars or less, is presumed to be engaged in the business described in the first paragraph of section 1321.02 of the Revised Code for the purpose of this section.
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 may necessitate the attendance of these witnesses together with creation of these books, records, and documents, because might be needed either because of the unit or by any celebration up to a hearing ahead of the unit, as well as that function may issue a subpoena for almost any witness or even a subpoena duces tecum, to compel the manufacturing of any books, documents, or papers, directed towards the sheriff associated with the county where witness that is such or perhaps is discovered, which will be offered and came back in much the same as a subpoena in unlawful cases is offered and came back.
The costs associated with the sheriff will probably be just like that permitted when you look at the court of typical pleas in unlawful instances. Witnesses will be compensated the fees and mileage provided for less than area 119.094 of the Revised Code. Charges and mileage will probably be compensated through the funds for the unit. No witness subpoenaed in the instance of events apart from the unit is eligible to compensation through the state for attendance or travel unless the unit certifies that the witness’ testimony was material to the matter that is subject of hearing.
1321.09 Licensee to preserve books – yearly report.
(A) Every licensee shall keep and make use of when you look at the licensee’s company such books, reports, and documents as will allow the division of finance institutions to find out perhaps the licensee is complying with sections 1321.01 to 1321.19 associated with Revised Code along with the sales and rules produced by the unit under those parts. Every licensee shall preserve such publications, records, and records for at the very least couple of years after making the last entry on any loan recorded therein. Accounting systems maintained in entire or in part by technical or electronic information processing practices that offer information comparable to that otherwise required are appropriate 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 cases where a licensee has one or more bar or nightclub in this state it really is optional using the licensee to furnish the report for every single location, or even a composite report for all places. Such report will probably be made under oath when you look at the type recommended by the unit, which shall make and publish annually a recapitulation and analysis of these reports. Such licensee reports aren’t records that are public shall simply be employed by the division for the true purpose of enforcing parts 1321.01 to 1321.19 associated with Revised Code or any guidelines or purchases produced in conformity with those parts. Such licensee reports might be introduced into evidence or disclosed whenever as well as in the way in which authorized in part 1181.25 for the Revised Code, or in reference to unlawful procedures.
This part will not prevent the unit from releasing to or trading along with other lender regulatory authorities information concerning licensees.
(B) For purposes with this section, “financial organization regulatory authority” carries a regulator of a small business task for which a licensee is engaged, or has used to take part in, to your extent that the regulator has jurisdiction more than a licensee involved in that company activity. A licensee is involved in company task, and a regulator of the company task has jurisdiction throughout installment loans south carolina the licensee, if the licensee conducts the experience straight or a subsidiary or affiliate for the licensee conducts the experience.
Effective Date: 06-18-2002.