On June 14, Ohio Governor John Kasich signed Sub. HB 213, the AMC regulation bill. As a requirement of Dodd-Frank, states are required to have regulation of AMCs in place by Aug. 10, 2018, according to a release from the Ohio Mortgage Bankers Association (OMBA).
In states that fail to pass regulation legislation, lenders will no longer be permitted to use AMCs for federally related loans.
While enacted as an emergency measure, most of the provisions of the legislation have a six-month delay to give the Ohio Department of Commerce Division of Real Estate and the AMCs time to implement and comply.
Because the delayed effective date is beyond the federally mandated date for a program to be in place, the department requested an extension of time in which to fully implement Ohio’s program. The Federal Financial Institutions Examination Council (FFIEC) will rule on the request.