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The Legislative Service Commission staff updates the Revised Code on an ongoing basis, as it completes its act review of enacted legislation. Updates may be slower during some times of the year, depending on the volume of enacted legislation.

Section 1317.09 | Payment in full before maturity - refund credit.

Ohio Revised Code
/
Title 13 Commercial Transactions
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Chapter 1317 Retail Installment Sales
 
Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
PDF:
Download Authenticated PDF
 

Notwithstanding any retail installment contract to the contrary, any retail buyer may satisfy in full at any time before maturity the debt of any retail installment contract and in so satisfying such debt shall receive a refund credit thereon for such anticipation of payments. The amount of such refund shall represent at least as great a proportion of the total finance charge, less an acquisition cost of ten dollars, as the sum of the periodical time balances, after the date of prepayment, bears to the sum of all the periodical time balances under the schedule of payments in the original contract. When the amount of the credit for anticipation of payments is less than one dollar, no refund need be made.

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