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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 1733.251 | Alternative interest rate.

Ohio Revised Code
/
Title 17 Corporations-Partnerships
/
Chapter 1733 Credit Unions
 
Effective:
April 14, 2006
Latest Legislation:
House Bill 81 - 126th General Assembly
PDF:
Download Authenticated PDF
 

(A) As an alternative to the interest permitted in division (C) of section 1733.25 of the Revised Code, a credit union may contract for and receive interest at any rate or rates agreed upon or consented to by the parties to the contract for the loan or other extension of credit, but not exceeding an annual percentage rate of twenty-five per cent.

(B) The computation of the loan or other extension of credit balance on which interest is assessed and the method of compounding interest on the balance pursuant to this section shall be as agreed upon by the credit union and the member.

Available Versions of this Section