Ohio Code 1321.56 – Forfeiting general loan interest for interest rate violation
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Any person who willfully violates section 1321.57 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 1321.57 of the Revised Code shall be the rate that would be applicable in the absence of sections 1321.51 to 1321.60 of the Revised Code.
Terms Used In Ohio Code 1321.56
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
Last updated November 5, 2021 at 3:46 PM