Ohio Revised Code Search

...As used in sections 1321.51 to 1321.60 of the Revised Code: (A) "Person" means an individual, partnership, association, trust, corporation, or any other legal entity. (B) "Certificate" means a certificate of registration issued under sections 1321.51 to 1321.60 of the Revised Code. (C) "Registrant" means a person to whom one or more certificates of registration have been issued under sections 1321.51 to 1321.60 of...

..., renewal, amendment, or surrender of a license or for any other activity as the superintendent may require; (b) Pay all applicable charges to utilize the national multistate licensing system. (2) Establish requirements as necessary for the use of the national multistate licensing system to meet the purposes of these sections, including: (a) Background checks for: (i) Criminal history through fingerprint or o...

...orporations shall obtain and maintain a license pursuant to Chapter 1703. of the Revised Code before a certificate is issued or renewed. (2) Upon the filing of the application and the payment by the applicant of a nonrefundable two-hundred-dollar investigation fee and a nonrefundable three-hundred-dollar annual registration fee, the division shall investigate the relevant facts. If the application involves investi...

...(A) The division of financial institutions may adopt, in accordance with Chapter 119. of the Revised Code, rules that are necessary for the enforcement or administration of sections 1321.51 to 1321.60 of the Revised Code and that are consistent with those sections and rules to carry out the purposes of those sections. (B)(1) The division may, upon written notice to the registrant stating the contemplated action, the...

...(A) The attorney general may directly bring an action to enjoin a violation of sections 1321.51 to 1321.60 of the Revised Code with the same rights, privileges, and powers as those described in section 1345.06 of the Revised Code. The prosecuting attorney of the county in which the action may be brought may bring an action to enjoin a violation of sections 1321.51 to 1321.60 of the Revised Code only if the prosecutin...

...(A) Every registrant shall keep records pertaining to loans made under sections 1321.51 to 1321.60 of the Revised Code. Such records shall be segregated from records pertaining to transactions that are not subject to these sections of the Revised Code. Every registrant shall preserve records pertaining to loans made under sections 1321.51 to 1321.60 of the Revised Code for at least two years after making the final en...

...No registrant shall conduct the business of making loans under sections 1321.51 to 1321.60 of the Revised Code in any office, room, or place of business in which any other business is solicited or engaged in, or in association or conjunction with any other such business, if the superintendent of financial institutions finds, pursuant to a hearing conducted in accordance with Chapter 119. of the Revised Code, that the...

...Any person who willfully violates section 1321.57 of the Revised Code shall forfeit to the borrower the amount of interest paid by the borrower. The maximum rate of interest applicable to any loan transaction that does not comply with section 1321.57 of the Revised Code shall be the rate that would be applicable in the absence of sections 1321.51 to 1321.60 of the Revised Code.

...(A) Notwithstanding any other provisions of the Revised Code, a registrant may contract for and receive interest, calculated according to the actuarial method, at a rate or rates not exceeding twenty-one per cent per year on the unpaid principal balances of the loan. Loans may be interest-bearing or precomputed. (B) For purposes of computation of time on interest-bearing and precomputed loans, including, but not lim...

...As an alternative to the interest permitted in division (A) of section 1321.57 and in division (B) of section 1321.58 of the Revised Code, a registrant may contract for and receive interest at any rate or rates agreed upon or consented to by the parties to the loan contract or open-end loan agreement, but not exceeding an annual percentage rate of twenty-five per cent.

...(A) A registrant may make open-end loans pursuant to an agreement between the registrant and the borrower whereby: (1) The registrant may permit the borrower to obtain advances of money from the registrant from time to time or the registrant may advance money on behalf of the borrower from time to time as directed by the borrower. (2) The amount of each advance and permitted interest, charges, and costs are debited...

...(A) No registrant under sections 1321.51 to 1321.60 of the Revised Code shall permit any borrower to be indebted for a loan made under sections 1321.51 to 1321.60 of the Revised Code at any time while the borrower is also indebted to an affiliate or agent of the registrant for a loan made under sections 1321.01 to 1321.19 of the Revised Code for the purpose or with the result of obtaining greater charges than otherwi...

...No registrant or licensee shall fail to follow the practices set forth in the federal "Fair Debt Collection Practices Act," 91 Stat. 874, 15 U.S.C. 1692, as amended, notwithstanding the fact that the registrant or licensee is seeking to collect upon the registrant's own debt.

...( 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) Advertising for loans subject to sections 1321.51 to 1321.60 of the Revised Code shall not be false, misleading, or deceptive. (B) In making any advertisement, a registrant shall comply with 12 C.F.R. 1026.16, as applicable.

...alue that are owned by the applicant or licensee, including cash on hand and in depository institutions, readily marketable securities, accounts receivable less allowances for uncollectible accounts, and real estate less liens and depreciation. "Assets" does not mean office premises, leasehold improvements, office furniture, fixtures, and equipment, or intangible assets. (G) "Closed-end loan" means any extension of...

...llowing without first having obtained a license from the superintendent of financial institutions under sections 1321.62 to 1321.702 of the Revised Code: (a) Engage in the business of lending money under sections 1321.62 to 1321.702 of the Revised Code; (b) Contract for, or receive, directly or indirectly, on or in connection with any such loan, any interest and charges that in the aggregate are greater than the ...

...Any credit transaction made by a person licensed as a check-cashing business under sections 1315.21 to 1315.30 of the Revised Code; (G) Any credit transaction made by a retail seller under Chapter 1317. of the Revised Code; (H) Any credit transaction made by a person licensed or acting as a pawnbroker under Chapter 4727. of the Revised Code; (I) Any credit transaction made by a person licensed under sections 1321....

...A licensee may engage in the business of making loans provided the licensee does not do any of the following: (A) Assess an origination fee pursuant to section 1321.68 of the Revised Code more than three times in any twelve-month period; (B) Accept a dated instrument from the borrower as security for a loan; (C) Hold an instrument for a period of time prior to negotiation or deposit of the instrument; (D) Pay...

...(A) An application for a license shall contain an undertaking by the applicant to abide by those sections. The application shall be in writing, under oath, and in the form prescribed by the superintendent of financial institutions, and shall contain any information that the superintendent may require. Applicants that are foreign corporations shall obtain and maintain a license pursuant to Chapter 1703. of the Revised...

...(A) A license issued under section 1321.64 of the Revised Code may be renewed annually on or before the thirty-first day of December by submitting a renewal application in the form prescribed by the superintendent of financial institutions. The application shall be accompanied by a nonrefundable renewal fee of three hundred dollars, any assessment as determined by the superintendent pursuant to division (B) of this s...

... per cent or more in the ownership of a licensee, the division of financial institutions may make any investigation necessary to determine whether any fact or condition exists that, if it had existed at the time of the original application for a license, the fact or condition would have warranted the division to deny the application under section 1321.64 of the Revised Code. (B) A licensee shall give the superinten...

...ness shall be maintained under the same license, but the superintendent of financial institutions may issue additional licenses to the same licensee upon compliance with sections 1321.62 to 1321.702 of the Revised Code. (2) Each licensed place of business shall be located in a state. (B)(1) When a licensee wishes to change its place of business, it shall give at least fifteen days prior written notice of the chan...

... tangible goods may receive or retain a license under sections 1321.62 to 1321.702 of the Revised Code for such place of business.

...Each licensee that conducts business under sections 1321.62 to 1321.702 of the Revised Code shall maintain both of the following: (A) A net worth of at least fifty thousand dollars; (B) For each license, assets of at least fifty thousand dollars either in use or readily available for use in the conduct of the business.