Ohio Revised Code Search

...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.

...authorized by law to record, file, or release security interests on a loan; (b) Fees for credit investigations not exceeding ten dollars. (2) Division (G)(1) of this section does not limit the rights of registrants to engage in other transactions with borrowers, provided the transactions are not a condition of the loan. (H) If the loan contract or security instrument contains covenants by the borrower to perform c...

...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.

...e open-end loan, the registrant shall release the security interest and terminate any financing statement in accordance with section 1309.513 of the Revised Code.

...(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.

..."Assets" does not mean office premises, leasehold improvements, office furniture, fixtures, and equipment, or intangible assets. (G) "Closed-end loan" means any extension of credit other than an open-end loan. (H) "Collecting" and "collected" means the servicing of a loan or receipt of payments from a borrower for a loan made pursuant to sections 1321.62 to 1321.702 of the Revised Code. (I) "Consumer report" an...

...(A)(1) No person shall do either of the following 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 ...

...Sections 1321.62 to 1321.702 of the Revised Code do not apply to any of the following: (A) Any credit transaction with a loan term of less than six months from the loan transaction date; (B) Any credit transaction that does not require equal monthly payments, unless either of the following applies: (1) The credit transaction contains an interest rate that is tied to a published and verifiable index and the contra...

...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...

...(A) If there is a change of five 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 li...

...(A)(1) Not more than one place of business 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...

...No person engaged in the business of selling tangible goods or services related to 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.

...ng, and scripts of radio and television commercials. The file shall be readily available for inspection by the division at all times. Each licensee shall notify the division in writing of the location of the file. Each licensee shall, upon the request of the superintendent of financial institutions, provide to the division any printed or electronic advertising it has used regarding any business conducted under sectio...

...tablish that the terms of the sale were commercially reasonable to the borrower; (f) A copy of the death certificate and documentation of all funds received or paid pursuant to a credit life claim. (4) A sortable electronic spreadsheet of all loans in collection litigation that shall include all of the following: (a) Principal borrower's name; (b) Loan or account number; (c) Date litigation proceedings wer...

...(A) Each licensee shall submit to the NMLSR call reports or other reports of condition, which reports shall be in such form and shall contain such information as the NMLSR may require. (B)(1) As required by the superintendent of financial institutions, each licensee shall file with the division of financial institutions an annual report under oath or affirmation, on forms supplied by the division, concerning the bu...

...prosecutors. Information the division releases pursuant to this section remains confidential. (F) The superintendent of financial institutions shall, by rule adopted in accordance with Chapter 119. of the Revised Code, establish a process by which licensees may challenge information provided to the NMLSR by the superintendent.

...No person, in connection with any examination or investigation conducted by the superintendent of financial institutions under sections 1321.62 to 1321.702 of the Revised Code shall knowingly do any of the following: (A) Circumvent, interfere with, obstruct, or fail to cooperate with the superintendent, including making a false or misleading statement, failing to produce records, or intimidating or suborning any wi...

...In order to reduce the risk of consumer fraud and related harms, including identity theft, licensees shall comply with the provisions of the "Fair and Accurate Credit Transactions Act of 2003," 117 Stat. 1952 (amended 2010), 15 U.S.C. 1681w, as in effect on November 30, 2016, the "Gramm Leach Bliley Act," 113 Stat. 1138 (1999) (amended 2010), 15 U.S.C. 6801, as in effect on November 30, 2016, including those federa...

...Before ceasing to conduct or discontinuing business as a licensee, the licensee shall arrange for and be responsible for the preservation of the books and records required to be maintained and preserved under sections 1321.62 to 1321.702 of the Revised Code and shall notify the division of financial institutions in writing of the exact address where the books and records will be maintained during the required period.