1321.401 [See Note] Refinancing by licensee.

A licensee may refinance a short-term loan provided that all of the following apply to the refinanced loan:

(A) The loan is a short-term loan.

(B) Interest on the loan does not exceed a rate of twenty- eight per cent per annum.

(C) The licensee does not charge, collect, or receive the monthly maintenance fee described in division (B) of section 1321.40 of the Revised Code.

Amended by 132nd General Assembly File No. TBD, HB 123, §1, eff. 10/29/2018, applicable to loans that are made, or extensions of credit that are obtained, on or after a date that is 180 days after the effective date of this act.