Baltimore Savings & Loan Co. v. Frye

I dissent from the majority opinion in that today’s decision significantly misinterprets R.C. 4735.12 and will jeopardize the very existence of the Real Estate Recovery Special Account.

A brief historical review of the former version of R.C. 4735.12, and case law decided thereunder, is required in order to establish that the General Assembly did not intend for punitive damages to be available under R.C. 4735.12 as amended. The previous statute required a real estate broker to maintain a bond to indemnify any person damaged by the broker’s failure to observe the law. This provision was…