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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 1321.674 | Forfeiting consumer installment loan interest for interest rate violation.

Ohio Revised Code
/
Title 13 Commercial Transactions
/
Chapter 1321 Various Loans
 
Effective:
September 12, 2017
Latest Legislation:
Senate Bill 24 - 132nd General Assembly
PDF:
Download Authenticated PDF
 

(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 under sections 1321.62 to 1321.702 of the Revised Code shall include a notice in at least ten point type at the bottom of the first page of any loan agreement to read: "This loan is governed by, and made pursuant to, the provisions of the Ohio Consumer Installment Loan Act under R.C. 1321.62 - 1321.702."

Last updated November 5, 2021 at 4:40 PM

Available Versions of this Section