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Can you summarize OHRC Section 1349.11?
Consumer Protection > Lending institution may not require use or employment of affiliated real estate broker.
Short Summary
This legal document, found in the Ohio Revised Code under Commercial Transactions and Consumer Protection, prohibits lending institutions affiliated with or authorized to be affiliated with a real estate broker from fixing or varying the terms and conditions on a mortgage loan or granting a mortgage loan on the condition that the customer uses the services of the affiliated real estate broker. It also requires lending institutions, service corporations, and persons engaged in providing real estate brokerage services to be identified as separate and distinct entities from the lending institution they are affiliated with, and to disclose their relationship with the lending institution to persons employing their services. The document further prohibits misrepresentation of different terms and conditions on mortgage loans based on whether the borrower employs a real estate broker. The section does not apply to real estate owned by lending institutions. Enforcement of this section is the responsibility of the director of commerce and appropriate division superintendents within the department of commerce, with the superintendent of real estate enforcing and administering the section for licensed real estate brokers. Failure to comply with the section may result in misconduct charges for licensed real estate brokers.
Whom does it apply to?
Lending institutions affiliated with or authorized to be affiliated with a real estate broker, service corporations, persons engaged in providing real estate brokerage services
What does it govern?
Terms and conditions on mortgage loans and real estate brokerage services provided by lending institutions
What are exemptions?
Real estate owned by lending institutions
What are the Penalties?
Not specified
Jurisdiction
Ohio