1321.592 [See Note] Loans by registrants.

(A) A registrant shall not make a loan under sections 1321.51 to 1321.60 of the Revised Code that meets either of the following conditions:

(1) The amount of the loan is one thousand dollars or less.

(2) The loan has a duration of one year or less.

(B) A registrant shall not engage in any act or practice to evade the requirement of division (A) of this section, including by contracting with a borrower to make a loan on terms that would be prohibited by that division.

(C) No registrant shall fail to comply with this section.


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.