Ohio Rev. Code » Chapter 1707
Ohio Revised Code

Ohio Rev. Code § 1707.14 (2026)

Dealer's license

✓ current as of May 2026
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Effective:
September 30, 2025
Latest Legislation:
House Bill 96 - 136th General Assembly
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(A) No person shall act as a dealer, unless the person is licensed as a dealer by the division of securities, except when at least one of the following cases applies:

(1) When the person is transacting business through or with a licensed dealer;

(2) When the securities are the subject matter of one or more transactions enumerated in divisions (B) to (L), (O) to (R), and (U) to (Y) of section 1707.03, or in section 1707.06 of the Revised Code, except when a commission, discount, or other remuneration is paid or given in consideration with transactions enumerated in divisions (O), (Q), (W), (X), and (Y) of section 1707.03, or in section 1707.06 of the Revised Code;

(3)(a) When the person is an issuer selling securities issued by it or by its subsidiary, if such securities are specified under division (G) or (I) of section 1707.02, or under section 1707.04 of the Revised Code;

(b) As used in division (A)(3) of this section, "person" includes a bank holding company and a savings and loan holding company.

(4) When the person is participating in transactions exempt, under section 1707.34 of the Revised Code, from this chapter;

(5) When the person has no place of business in this state, is registered with the securities and exchange commission, and the only transactions effected in this state are with institutional investors.

(B) Each dealer that in any twelve-month or shorter period, alone or with any other dealer with which it is affiliated, has total revenues of one hundred fifty thousand dollars or more derived from the business of buying, selling, or otherwise dealing in securities, and that at any time during such period has one hundred or more retail securities customers, shall be registered as a broker or dealer with the securities and exchange commission under the Securities Exchange Act of 1934, except the following entities:

(1) A bank;

(2) A dealer that enters into and is in compliance with an undertaking accepted by the division, in which the dealer agrees that it will not engage in any transaction involving the buying, selling, or otherwise dealing in securities with any natural person in this state, except for transactions involving either of the following:

(a) Securities of corporations or associations that have qualified for treatment as nonprofit organizations pursuant to section 501(c)(3) of the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C.A. 501, as amended;

(b) Securities or transactions that are described in divisions (A)(1) to (4) of this section.

(C) Every dealer that must be registered as a broker or dealer with the securities and exchange commission pursuant to division (B) of this section shall become so registered no later than ninety days after the date on which the dealer meets the requirements for such registration.

(D) The division by rule may exempt any dealer from complying with the licensing or registration requirements of this section, if the division finds that such licensing or registration is not necessary for the protection of investors or in the public interest.

(E) As used in division (B) of this section, "retail securities customer" means a person that purchases from or through or sells securities to or through a dealer, and that is not an officer, a director, a principal, a general partner, or an employee of, the dealer. Each of the following is deemed to be a single retail securities customer:

(1) A husband and wife;

(2) A minor child and the minor child's parent or legal guardian;

(3) A corporation, a partnership, an association or other unincorporated entity, a joint stock company, or a trust.

Last updated August 5, 2025 at 9:58 AM

Notes of Decisions
Cited in 10 cases (2 in the last 5 years), 1967–2025 · leading case: Crater v. Int'l Resources, Inc., 633 N.E.2d 1212 (Ohio Ct. App. 1993).
Sort: Relevance Newest Treatment
Crater v. Int'l Resources, Inc., 633 N.E.2d 1212 (Ohio Ct. App. 1993). · cites it 9× “The court also found that the appellants had violated R.C. 1707.14(B) and 1707.44(A) because they were not licensed as dealers when they sold the working interests.”
State v. Willan, 2011 Ohio 6603 (Ohio Ct. App. 2011). · cites it 3× “” Divisions (A), (B), and (C) of R.C. 1707.14 regulate the licensing and registration of dealers.”
Diversified Prop. Corp. v. Winters Natl. Bank & Trust Co., 234 N.E.2d 608 (Ohio Ct. App. 1967). · cites it 6× “Section 1707.14 (A), Revised Code, reads as follows: “ (A) No person shall engage in this state in the business of acting as broker for others in the purchase or sale of securities unless such person is licensed as a dealer by the division of securities.”
Westminster Fin. Companies v. Briarcliff Capital Corp., 805 N.E.2d 191 (Ohio Ct. App. 2004). · cites it 3× “While we agree, we also note that R.C. 1707.14 contains exceptions that may apply to this case.”
Carrousel North, Inc. v. Chelsea Moore Co., 460 N.E.2d 316 (Ohio Ct. App. 1983). · cites it 8× “03(D) exemption is also inapplicable because although that section exempts a sale to an “institutional investor,” assuming arguendo that this phrase includes all corporations, R.C. 1707.14 provides that “no person other than an issuer selling its own securities shall engage in…”
Sorenson v. Tenuta, 577 N.E.2d 408 (Ohio Ct. App. 1989). · cites it 4× “Appellant then concludes that he falls under the exceptions contained in R.C. 1707.14, but he does not point to any specific provision that is applicable.”
Boyd v. Kingdom Trust Co. (Slip Opinion), 2018 Ohio 3156 (Ohio 2018). “13 ), imposes licensing requirements on dealers and salespersons ( R.C. 1707.14 through 1707.19 ), and proscribes fraudulent conduct ( R.”
Bitounis v. Interactive Brokers, L.L.C., 2024 Ohio 2905 (Ohio Ct. App. 2024). · cites it 2× “44(A)(2): (A)(1) No person shall engage in any act or practice that violates division (A), (B), or (C) of section 1707.14 of the Revised Code, and no salesperson shall sell securities in this state without being licensed pursuant to section 1707.”
State ex rel. Dublin Sec., Inc. v. Ohio Div. of Sec., 1994 Ohio 340 (Ohio 1994). “("Dublin") is a dealer licensed by the Division to engage in the purchase or sale of securities in Ohio pursuant to R.C. 1707.14. On April 25, 1991, counsel for Dublin met with three individuals from the Division.”
Henneforth v. Seidt, 2025 Ohio 1109 (Ohio Ct. App. 2025). “44(A)(1) (selling promissory notes in the reasonable expectation of receiving a fee or commission); R.C. 1707.14(A) (selling promissory notes without being properly licensed as a dealer); R.”
— Ohio Rev. Code § 1707.14(A) — 2 cases
Carrousel North, Inc. v. Chelsea Moore Co., 460 N.E.2d 316 (Ohio Ct. App. 1983). “03(D) exemption is also inapplicable because although that section exempts a sale to an “institutional investor,” assuming arguendo that this phrase includes all corporations, R.C. 1707.14 provides that “no person other than an issuer selling its own securities shall engage in…”
Henneforth v. Seidt, 2025 Ohio 1109 (Ohio Ct. App. 2025). “44(A)(1) (selling promissory notes in the reasonable expectation of receiving a fee or commission); R.C. 1707.14(A) (selling promissory notes without being properly licensed as a dealer); R.”
— Ohio Rev. Code § 1707.14(A)(1) — 1 case
Westminster Fin. Companies v. Briarcliff Capital Corp., 805 N.E.2d 191 (Ohio Ct. App. 2004). “While we agree, we also note that R.C. 1707.14 contains exceptions that may apply to this case.”
— Ohio Rev. Code § 1707.14(B) — 2 cases
Crater v. Int'l Resources, Inc., 633 N.E.2d 1212 (Ohio Ct. App. 1993). “The court also found that the appellants had violated R.C. 1707.14(B) and 1707.44(A) because they were not licensed as dealers when they sold the working interests.”
Sorenson v. Tenuta, 577 N.E.2d 408 (Ohio Ct. App. 1989). “Appellant then concludes that he falls under the exceptions contained in R.C. 1707.14, but he does not point to any specific provision that is applicable.”
— Ohio Rev. Code § 1707.14(B)(1) — 1 case
Crater v. Int'l Resources, Inc., 633 N.E.2d 1212 (Ohio Ct. App. 1993). “The court also found that the appellants had violated R.C. 1707.14(B) and 1707.44(A) because they were not licensed as dealers when they sold the working interests.”
— Ohio Rev. Code § 1707.14(B)(2) — 1 case
Crater v. Int'l Resources, Inc., 633 N.E.2d 1212 (Ohio Ct. App. 1993). “The court also found that the appellants had violated R.C. 1707.14(B) and 1707.44(A) because they were not licensed as dealers when they sold the working interests.”
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