On Jun. 26, OH LEG proposed bill to make various recording changes.
OH LEG passed SB 94 to make various changes to judgment liens, mortgage subrogation, motor vehicle sales and leases, and designation of public depositories.
Mortgage Subrogation
Allows a mortgage that was used to satisfy a previous mortgage to be subrogated to the priority of (have same priority as) previous mortgage if certain conditions are met.
Prohibited lender seeking subrogation from being denied subrogation for set reasons.
Additionally, provided that the holder of a subordinate mortgage or lien retains the same subordinate position had the previous mortgage or lien not been satisfied.
Rental Property
Allowed rental property owner’s agent to file owner’s contact information with auditor.
Agency must be designated by the owner to manage the property on owner's behalf.
Stock State Banks
Expanded the list of reasons a stock State bank can amend its articles of incorporation.
To include reasons permitted under Ohio Corporation Law (OH FIN 17-1701.70).
Lender-Provided Certificate of Title
Repealed requirement that lender provide purchaser of a motor vehicle with a physical certificate of title following full payment of the loan, at no extra cost to the purchaser.
Required lender, instead, to send a written notice, including through electronic communication, to owner of vehicle referring them to BMV website for titling options.
Either when owner takes out loan or discharges it; waived unpaid fines for violations.
Public Deposititores
Eliminated prohibition against financial institutions that are subject to a cease-and-desist order form serving as public depository; must notify governing board of action.
Notify board if depository becomes party to active prompt corrective action directive.
Specified that institutions are ineligible to serve as public depositories while under a prompt corrective action directive unless authorized by a governing board.
Relieved officials from liability for loss of public moneys deposited in a failed depository
Legislative History
On Mar. 23, 2023, bill was introduced in Senate; on Jun. 26, 2024, bill passed Senate.
On May 15, 2024, bill was introduced in House; on Jun. 26, 2024, bill passed House.
Effectiveness
OH LEG bills without effective dates specified in bill text become effective on the 91st day following the bill's filing with the Secretary of State for final enrollment.
Jul. 2024 OH LEG Governor Approval
On Jul. 24, 2024, OH LEG reported bill approval by governor, effective Oct. 24, 2024.
Document dated Jul. 24, 2024, was received on Jul. 29, 2024, due to a fixed feed.
Regulators
OH LEG
Entity Types
Bank; Corp; MG Orig; Servicer; Thrift
Reference
PR, Act, 7/24/2024; Bill SB94, 6/26/2024; Citation: OH FIN 17-1701.70;
