109:4-3-21 Instructing consumer to ignore information.

For purposes of division (B)(5) of section 1345.031 of the Revised Code:

(A) "Instructing the consumer to ignore the supplier's written information" includes, but shall not be limited to, the supplier promising the consumer a specific interest rate or a specific number or dollar amount of points that is lower than the interest rate or points amount listed in the supplier's written information.

(B) The "dollar value of points" includes points expressed as either a percentage figure or a specific dollar figure, with "point" defined as a charge equal to one percent of either the principal amount of a pre-computed or interest-bearing loan, or one percent of the original credit line of an open-end loan.

R.C. 119.032 review dates: 12/28/2011 and 12/27/2016
Promulgated Under: 119.03
Statutory Authority: 1345.05
Rule Amplifies: 1345.031(B)(5)
Prior Effective Dates: 1/7/07