OHIO ATTORNEY GENERAL RESIDENTIAL MORTGAGE LENDING RULES APPROVED

The Joint Committee on Agency Rule Review (JCARR) approved the Ohio Attorney General’s rules dealing with residential mortgage lending under new provisions of the Ohio Consumer Sales Practices Act (CSPA). The new residential mortgage lending provisions of the CPSA were enacted earlier this year as part of S.B. No. 185. The rules address issues related to unconscionable mortgage lending practices under the CSPA. The rules are available on the Ohio Attorney General’s website at www.ag.state.oh.us/press/06/12/pr061211.asp.

The Attorney General must file the final rules with JCARR, the Ohio Secretary of State and the Legislative Services Commission before the rules can become effective. The first day that the final rules can officially be filed is December 22, 2006. Filing establish the effective date, which can be no earlier than 10 days from the date of filing.

Elizabeth Anstaett and Mike Tomkies