On Jan. 2, OH LEG enacted bill updating various Ohio Code provisions.
OH LEG passed HB 315, which enacted Homebuyer protection act, amended various insurance provisions, LLC requirements, tax credit provisions; issued financial analysis.
Document dated Jan. 2, 2025 was added on Feb. 27, 2025 due to editorial backfill.
Amended Code Sections
Made changes to various sections under OH LEG 1, State Government, OH LEG 3, Counties, OH LEG 5, Townships, and sections under OH LEG 7, Municipal Corporations.
Also amends sections under OH LEG 17, Corporations - Partnerships, OH LEG 45, Motor Vehicles - Aeronautics - Watercraft, OH LEG 47, Occupations - Professions.
Established the Homebuyer protection act, to withhold prospective purchaser’s name and address provided to seller or seller’s agent until purchaser/seller enter contract.
For real estate broker or sales-person working directly with a prospective homebuyer.
Superintendent of Real Estate and Professional Licensing to adopt rules within 1 year.
Further the rules must require a real estate broker or salesperson marketing a home to provide the seller a form disclosing laws related to the home buying process.
Insurance Provisions
Prohibits health benefit plans from imposing a cost-sharing requirement for services by occupational or physical therapist, or chiropractor that is greater than the cost-sharing requirement imposed for visit to primary care physician or primary care osteopath.
Health plans must clearly state on website and on all relevant literature that coverage for occupational/physical therapy, chiropractic services is available with any limitations.
Violation is considered an unfair and deceptive practice in the business of insurance.
Required health benefit plans to provide coverage for the cost of one hearing aid per hearing-impaired ear up to $2,500 every 48 months for a covered person under 22.
And all related services prescribed by an otolaryngologist or a licensed audiologist.
Tax Changes
Makes changes to property sales from court judgments against debtors in default.
In the event that the amounts paid for the property at auction exceed the court order for restitution, the continuing law requires the judgment debtor to be notified.
Increases the threshold for this notification from an excess balance of $100 to $500.
Bill also modifies a law that allows certain tax-foreclosed property to be transferred directly to a county land bank or political subdivision without a foreclosure sale.
Tax credits for investments in Ohio Opportunity Zones to be claimed against financial institutions tax, domestic insurance companies tax, foreign insurance companies tax.
Prohibits Department of Development from considering if historic rehabilitation project will benefit economically distressed area in awarding historic rehabilitation tax credits.
Bill also authorizes townships to extend the life of the tax increment financing district.
Imposes new requirements for direct transfers of foreclosed properties to land banks for political subdivisions under expedited tax foreclosure procedure in continuing law.
LLC Provisions
Allows Secretary of State to charge a $50 filing fee for a limited liability company (LLC) statement of authority, or an amendment/cancellation/denial of statement of authority.
Bill also eliminated the $50 fee charged by the Secretary of State for a certificate of correction filed with respect to the registration or the assumed name of an LLC.
The bill also makes certain revisions pertaining to the merger certificates for LLCs.
Legislative History
On Nov. 2, 2023, bill introduced in House; on Jun. 26, 2024, bill passed in the House.
On Jul. 2, 2024, bill introduced in Senate; on Dec. 11, 2024, bill passed in Senate.
On Dec. 23, 2024, bill sent to governor; on Jan. 2, 2025, bill signed by governor.
Effectiveness
Bill effective Apr. 3, 2025 and Jul. 1, 2025; appropriations effective Jan. 2, 2025.
Regulators
OH LEG
Entity Types
Bank; Corp; CU; Ins; MG Orig; Servicer; Thrift
Reference
Bill HB315, 1/2/2025; Citation: *OH LEG* 1, 3, 5, 7, 17, 45, 47, 49, 51; OH FIN 57;
