A license authorizes the holder to do something that he or she would not be entitled to do without the license. Licensing may be directed toward revenue raising purposes, or toward regulation of the licensed activity, or both. Statutes frequently require that a person obtain a license before practicing certain professions such as law or medicine, or before carrying on a particular business such as that of a real estate broker or stock broker. If the license is required to protect the public from unqualified persons, an assignment of that license to secure a loan would probably not be enforceable.
Ohio Assignment of Business License as Security for a Loan
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US-01467BG
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How to fill out Assignment Of Business License As Security For A Loan?
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FAQ
Businesses are required to register with the Ohio Secretary of State to legally conduct business in the state ? this is commonly called a business license.
The Ohio Money Transmitters Act requires any person, regardless of the location of that person, its facilities, or its agents, who receives directly or indirectly and by any means, money or its equivalent for transmission from a person located in the State of Ohio, to have a money transmitter license, unless the person ...
Section 1315.07 | Satisfactory security device maintained. In the case of a bond, the superintendent may bring suit on behalf of claimants, either in one action or in successive actions, or may authorize claimants to bring their own actions on the bond.
Section 1315.03 | Application for money transmitter license - confidentiality. (A) Each application for a money transmitter license shall be in the form prescribed by the superintendent of financial institutions and accompanied by an application fee established in section 1315.13 of the Revised Code.
The Truth in Lending Act (TILA) protects you against inaccurate and unfair credit billing and credit card practices. It requires lenders to provide you with loan cost information so that you can comparison shop for certain types of loans.
As used in sections 1315.21 to 1315.30 of the Revised Code: (A) "Check" means any check, draft, money order, or other instrument for the transmission or payment of money. "Check" does not include a travelers check.
In the adoption, amendment, or rescission of any rule, an agency shall comply with the following procedure: (A) Reasonable public notice shall be given in the register of Ohio at least thirty days prior to the date set for a hearing, in the form the agency determines.
(1) The principal amount of a precomputed loan or interest-bearing loan; (2) The original credit line of an open-end loan. (L) "Prepayment penalty" means a charge for prepayment of a loan at any time prior to five years from the date the loan contract is executed.