1349.72 Additional duties of consumer finance education board.
1349.72 Additional duties of consumer finance education board.
(A) In addition to any other duties imposed on the consumer finance education board by section 1349.71 of the Revised Code, the board shall:
(1) Analyze and investigate, on its own initiative, the policies and practices of state agencies, nonprofit entities, and businesses, inasmuch as such policies and practices address financial literacy, access by state residents to financial information, education, and resources, prevention of foreclosures and bankruptcies, prepurchase and postpurchase counseling and education for homebuyers, and small loan counseling and education for borrowers;
(2) Provide an annual report and consultation and recommendations to the governor, the general assembly, state agencies, nonprofit entities, and businesses based on the board’s findings;
(3) Coordinate and provide resources and assistance to state agencies, nonprofit entities, and businesses in the furtherance of those entities’ efforts to improve financial literacy, access by state residents to financial information, education, and resources, prevention of foreclosures and bankruptcies, prepurchase and postpurchase counseling and education for homebuyers, and small loan counseling and education for borrowers.
(4) Provide financial assistance to Ohioans through grants funded through the consumer finance fund created under section 1321.21 of the Revised Code and utilize these same funds to provide grants to design, develop, and implement any other programs described in this section.
(5) Receive grants from the consumer finance fund for the implementation of this section.
(B) The board may assign and delegate the execution of its duties to smaller groups of its own members, which shall include committees specifically chartered to address all of the following issues:
(1) The needs of persons, ages eighteen to twenty-five, in the context of the objectives enumerated in division (A) of this section;
(2) The needs of persons, classified as needy, based on a household adjusted gross income equal to or less than two hundred per cent of the poverty level, as determined by the Ohio office of budget and management, or the earned income amount described in section thirty-two of the Internal Revenue Code of 1986, taking into account the size of the household, in the context of the objectives enumerated in division (A) of this section;
(3) The needs of persons, previously convicted of one or more felonies, in the context of the objectives enumerated in division (A) of this section;
(4) The needs of persons, characterized as vulnerable by reason of advanced age, disability, minority, or other demographic consideration, in the context of the objectives enumerated in division (A) of this section;
(5) Any other group or issue identified by the board as worthy of particular attention.
(C) The board shall create a pilot financial literacy and counseling program funded through the consumer finance fund, to be operated in the five counties with the highest mortgage foreclosure rates as of the effective date of this amendment, and completion of which shall be recommended by mortgage brokers and loan officers for any consumer seeking a mortgage loan with origination fees greater than five per cent. Before a mortgage broker permits a consumer to commit to such a loan, the broker shall notify the consumer that the loan may have attributes that are predatory. No person who offers education, advice, or counseling through the financial literacy and counseling program shall be held liable for any damages incurred from actions taken based on the education, advice, or counseling given.
Effective Date: 01-01-2007; 2008 HB545 09-01-2008