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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 1321.402 | Prepayment or refinancing prior to short-term loan maturity date.

Ohio Revised Code
/
Title 13 Commercial Transactions
/
Chapter 1321 Various Loans
 
Effective:
October 29, 2018
Latest Legislation:
House Bill 123 - 132nd General Assembly
PDF:
Download Authenticated PDF
 

If a short-term loan is prepaid in full or refinanced prior to the 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.

Last updated November 4, 2021 at 4:08 PM

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