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Sponsor says HB230 would restore flexibility for joint title companies and add consumer protections
Summary
Representative David Thomas told the House Insurance Committee House Bill 230 would allow joint title companies to reorganize ownership without starting a new business and add consumer protections; bill seeks to revert recent budget language that complicated joint venture ownership changes.
Columbus — Representative David Thomas offered sponsor testimony on House Bill 230, saying the bill aims to revert budget‑era language that now forces joint title companies to re‑start their businesses when ownership changes occur.
Thomas described joint title companies as ventures owned by brokers, lenders and title professionals that gain efficiency when many practitioners share ownership and referrals. He said prior Ohio practice allowed updating members annually without dissolving the business, but recent budget language effectively required joint ventures to start over when membership changed, disadvantaging such firms and reducing competitiveness.
The bill would restore prior flexibility and incorporate consumer protections; Thomas said stakeholders met in interested‑party sessions and the bill is being fine‑tuned. There was no committee vote on the bill during the hearing.
