Ohio Revised Code Search

...As used in sections 1321.62 to 1321.702 of the Revised Code: (A) "Actuarial method" means the method of allocating payments made on a loan between the principal amount and interest whereby a payment is applied first to the accumulated interest and the remainder to the unpaid principal amount. (B) "Advertisement" and "advertising" mean all material printed, published, displayed, distributed, or broadcast, and all ...

...(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 ...

...bdivision, or any governmental or other public entity, corporation, instrumentality, or agency, in or of the United States or any state of the United States, or any entity mentioned in division (B)(3) of section 1343.01 of the Revised Code; (R) Any college or university, or controlled entity of a college or university, as those terms are defined in section 1713.05 of the Revised Code; (S) Any person doing business ...

...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...

...applicant command the confidence of the public and warrant the belief that the business will be operated honestly and fairly in compliance with the purposes of sections 1321.62 to 1321.702 of the Revised Code and the rules adopted thereunder, and that the applicant has the requisite net worth and assets required under section 1321.65 of the Revised Code, the superintendent shall issue a license to the applicant. The ...

...(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.

...All of the following apply to advertising for loans made under sections 1321.62 to 1321.702 of the Revised Code: (A) Every advertisement shall state and clearly indicate the identity of the licensee and shall do so in such a manner that prevents confusion with the name of any other unrelated licensee. Licensees shall be identified by means of trade names, service marks, or business names that are filed with the div...

... the security is offered for private or public sale, evidence that the sale was consummated in compliance with the provisions of sections 1309.610, 1309.611, 1309.615, 1309.617, and 1309.624 of the Revised Code. (6) A sortable electronic spreadsheet of all loans upon w hich a credit life claim has been paid by the insurer that shall include all of the following: (a) Principal borrower's name; (b) Loan or accoun...

...but the individual reports shall not be public records and shall not be open to public inspection.

...d criminal background information, is a public record as defined in section 149.43 of the Revised Code. (C) This section does not prevent the division of financial institutions from releasing to or exchanging with other financial institution regulatory authorities information relating to licensees. For this purpose, a "financial institution regulatory authority" includes a regulator of a business activity in which ...

...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.

...The superintendent of financial institutions may suspend, revoke, or refuse to renew any license issued by the superintendent under sections 1321.62 to 1321.702 of the Revised Code, or bring any other authorized administrative enforcement action in accordance with section 1321.70 of the Revised Code, against any person for failure to maintain records in accordance with section 1321.66 of the Revised Code.

...(A) Except as otherwise provided in section 9.02 of the Revised Code, any party, including a governmental authority, that requires or requests a licensee to assemble or provide a customer's financial records shall pay the licensee for all actual and necessary costs directly incurred in searching for, reproducing, or transporting those records according to the following schedule: (1) Reimbursement of search and proc...

...(A) For purposes of sections 1321.62 to 1321.702 of the Revised Code, a loan shall be considered closed upon the signature of the obligor or obligors, unless the loan contract is not executed by signature, in which case the loan is considered closed upon disbursement of loan funds. (B) All loans made under sections 1321.62 to 1321.702 of the Revised Code by direct mail shall be made from a place of business for whi...

...(A) Upon repayment of the loan in full, the original note signed by any obligor or copy, photograph, or stored representation of the original note as retained in accordance with section 1321.66 of the Revised Code shall be plainly marked "paid" or "canceled" and the note or the reproduction of the note shall be returned to the obligor or, if there are two or more obligors, to one of them. (B) If requested, the lic...

...(A) When, in connection with a loan, a licensee furnishes or places insurance written on behalf of the borrower at the borrower's expense, a policy or certificate of insurance properly executed shall be furnished to the borrower within fifteen days of the closing date of the loan. The policy or certificate shall state the name of the insurance company, the nature of the insurance, the extent of the coverage, the amou...

...No licensee shall conduct the business of making loans under sections 1321.62 to 1321.702 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 ...

...(A) Any person that willfully violates section 1321.68 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 1321.68 of the Revised Code shall be the rate that would be applicable in the absence of sections 1321.62 to 1321.702 of the Revised Code. ( B) Any extension of credit u...

...(A) A licensee may contract for and receive interest, calculated according to the actuarial method, at a rate or rates not exceeding twenty-five 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 limited to, the calculation of interest, a month is considere...