While S.B. 185 proposes to apply the Consumer Sales Practices Act to mortgages, it also attempts to limit damages recoverable under the CSPA. S.B. 185 changes ORC 1345.09 so that a consumer can only recover "actual economic damages", not "actual damages". The issue of whether non-economic damages are recoverable under the CSPA is currently being considered by the Ohio Supreme Court. Craig L. Whitaker v. M.T. Automotive, Inc., d.b.a. Montrose Toyota, Ohio Supreme Court Case No. 2005-0331; an appeal of Whitaker v. M.T. Automotive (Dec. 29, 2004), Summit App. No. 21836, 2004-Ohio-7166. See Speak Up Now for Consumer Law by Sheryl Harris, The Plain Dealer, Feb. 12, 2006.
S.B. 185 also creates increased licensure requirements for real estate appraisers, mortgage brokers and loan officers and increases disclosures, enforcement and regulation of predatory lending. For more information on S.B. 185, see: Finally Taking on Bad Lenders , The Plain Dealer, Feb. 9, 2006. Proposed Mortgage Rules , The Plain Dealer, Feb. 8, 2006; State Senate Bill Takes Aim at Predatory Lenders by Julie Carr Smyth, The Plain Dealer, Feb. 8, 2006. An Overview of SB 185 from the Ohio Republican Party blog; Senators Padgett, Carey Unveil. Senate Homebuyer’s Protection Act, Press Release, Feb. 7, 2006.