SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT
On July 30, 2008, the Housing and Economic Recovery Act of 2008 (”HERA”) was signed
into law. Title V of HERA is the Secure and Fair Enforcement for Mortgage Licensing
Act ("SAFE Act").
The SAFE Act required that each state pass enabling legislation no later than July
31, 2009 to bring current state licensing law into compliance with the new SAFE
Act requirements. Ohio’s enabling legislation passed the 128th General Assembly
as part of House Bill 1 and was signed into law by Governor Strickland on July 17,
2009. The changes became effective January 1, 2010.
Ohio’s SAFE Act enabling legislation makes the necessary changes to both the Ohio
Mortgage Broker Act (“OMBA”) and the Ohio Mortgage Loan Act (“OMLA”) to bring Ohio
The Department of Commerce Division of Financial Institutions (“DFI”) is charged
with overseeing the implementation of the SAFE Act legislation including
use of the Nationwide Mortgage Licensing System and Registry (“NMLS”).
Please note the requirements listed on this page do not apply to depository institutions
including banks, savings banks, savings and loan associations
and credit unions, and subsidiaries of such entities which subsidiary is regulated by a federal banking agency and is owned and controlled by a depository institution. To find out more about the requirements for depository institutions
under the SAFE Act, please reference the fact sheet from the Federal Financial Institutions
Examination Council, at: http://www.ffiec.gov/safeact.htm.
Questions regarding the industries regulated by Consumer Finance may be e-mailed
Depository institutions should contact their primary federal regulator.