Ohio Revised Code Search

...(A) No person shall engage in the business of making short-term loans to a borrower in Ohio, or, in whole or in part, make, offer, or broker a loan, or assist a borrower in Ohio to obtain such a loan, without first having obtained a license from the superintendent of financial institutions under sections 1321.35 to 1321.48 of the Revised Code. (B) No person shall make, offer, or broker a loan, or assist a borrower t...

...(A) Application for an original or renewal license to make short-term loans shall be in writing, under oath, and in the form prescribed by the superintendent of financial institutions, and shall contain the name and address of the applicant, the location where the business of making loans is to be conducted, and any further information as the superintendent requires. At the time of making an application for an origin...

...ssued by the superintendent of financial institutions pursuant to sections 1321.35 to 1321.48 of the Revised Code shall state the address at which the business of making loans is to be conducted and shall state the full name of the business. Each license issued shall be conspicuously posted in the place of business and is not transferable or assignable. (B)(1) Not more than one place of business shall be m...

...ing loans provided that each loan meets all of the following conditions: (A) The total amount of the loan does not exceed one thousand dollars. (B)(1) Subject to division (B)(2) of this section, the minimum duration of the loanis ninety-one days and the maximum duration of the loan is one year. (2) The minimum duration of the loan may be less than ninety-one days if the total monthly payment on the loan does not e...

...ety-one days or greater, the licensee shall determine the recommended length of a loan based on the borrower's verified monthly income as described in division (B)(2) of section 1321.39 of the Revised Code. The licensee shall provide the borrower with a written copy of its recommendation, which is not binding on the borrower.

...the lesser of ten per cent of the originally contracted loan amount or thirty dollars, provided the fee is not added to the loan balance on which interest is charged; (2) A licensee shall not charge, collect, or receive a monthly maintenance fee if the borrower is a person on active duty in the armed forces of the United States or a dependent of that person. (C) If the originally contracted loan amount is five hund...

...finance 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.

...he loan's maturity date, the licensee shall refund to the borrower a prorated portion of the interest, monthly maintenance fees, and all other charges based on a ratio of the number of days the loan was outstanding and the number of days for which the loan was originally contracted. For purposes of this section, the monthly maintenance fee is not considered to be fully earned at the beginning of a month.

...ised Code to the contrary, a licensee shall not charge, collect, or receive in connection with a short-term loan a total amount of fees and charges that exceeds sixty per cent of the originally contracted loan amount. For purposes of this section, all charges made in connection with the loan shall be included when calculating the total loan charges except for all of the following: (A) The check collection charge a...

...No licensee shall do any of the following: (A) Violate section 1321.36 of the Revised Code; (B) Make a loan that does not comply with section 1321.39 of the Revised Code; (C) Charge, collect, or receive, directly or indirectly, credit insurance premiums, charges for any ancillary product sold, or any additional fees, interest, or charges in connection with a loan, other than fees and charges permitted by section 1...

...A licensee shall not attempt to collect from a borrower's account after two consecutive attempts have failed, unless the licensee obtains new written authorization from the borrower to electronically transfer or withdraw funds from the borrower's account.

...(A) The superintendent of financial institutions shall, in accordance with Chapter 119. of the Revised Code, suspend or revoke a license issued pursuant to sections 1321.35 to 1321.48 of the Revised Code, if the superintendent determines that either of the following applies: (1) The licensee has failed to comply with any order issued by the superintendent pursuant to section 1321.43 of the Revised Code. (2) ...

... but in any case, the superintendent shall examine the records of a licensee at least annually.

...(A) Every licensee shall keep and use in the licensee's business such books, accounts, records, and loan documents as will enable the division of financial institutions to determine whether the licensee is complying with sections 1321.35 to 1321.48 of the Revised Code and with the orders and rules made by the division under those sections. Such books, accounts, records, and loan documents shall be segregated from tho...

...The superintendent of financial institutions, in accordance with Chapter 119. of the Revised Code, may adopt rules and issue specific orders to enforce and carry out the purposes of sections 1321.35 to 1321.48 of the Revised Code. The superintendent shall issue a rule defining "senior officer" for the purpose of section 1321.37 of the Revised Code. The superintendent may adopt, amend, and repeal substantive ...

...section 1321.41 of the Revised Code shall have a cause of action and be entitled to the same relief available to a consumer under section 1345.09 of the Revised Code, and all powers and remedies available to the attorney general to enforce sections 1345.01 to 1345.13 of the Revised Code are available to the attorney general to enforce section 1321.41 of the Revised Code. (B) The superintendent of financial...

...hile serving or attempting to serve legal process on any other person in connection with the judicial enforcement of any debt resulting from a short-term loan made by a licensee. (2) "Borrower" means a person who has an outstanding or delinquent short-term loan. For the purpose of this section, the term "borrower" includes the borrower's spouse, parent, if the borrower is a minor, guardian, executor, or admini...

...ansaction with a borrower, a licensee shall make a reasonable attempt to verify the borrower's income for purposes of division (B)(2) of section 1321.39 and section 1321.391 of the Revised Code. At a minimum, the licensee shall obtain from the borrower one or more recent pay stubs or other written evidence of recurring income, such as a bank statement. The written evidence shall include at least one document that, w...

...sed by other statutes or common law, shall do all of the following: (1) Follow reasonable and lawful instructions from the borrower; (2) Act with reasonable skill, care, and diligence; (3) Act in good faith and fair dealing in any transaction or practice or course of business in connection with a short-term loan. (B) The duties and standards of care created in this section may not be waived or modified. (...

...(A) The superintendent of financial institutions shall report semiannually to the governor and the general assembly on the operations of the division of financial institutions with respect to the following: (1) Enforcement actions instituted by the superintendent for a violation of or failure to comply with any provision of sections 1321.35 to 1321.48 of the Revised Code, and the final dispositions of each...

...ed 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 the Revised Code. (D) "Principal amount" means th...

...t may make loans, other than a residential mortgage loan as defined in section 1322.01 of the Revised Code, on terms and conditions provided by sections 1321.51 to 1321.60 of the Revised Code. (2) Each person issued a certificate of registration is subject to all the rules prescribed under sections 1321.51 to 1321.60 of the Revised Code. (B)(1) All loans made to persons who at the time are residents of this state...

...321.51 to 1321.60 of the Revised Code 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 division of financial institutions, and shall contain any information that the division may require. Applicants that are foreign corporations shall obtain and maintain a license pursuant to Chapter 1703. of the Revised Code b...

...(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...