As an alternative to the finance charges permitted in division (A) of section 1317.06 of the Revised Code or the interest permitted in division (B) of that section, and to the finance charges permitted in division (B) of section 1317.11 of the Revised Code, a retail seller or holder may contract for and receive finance charges or interest at any rate or rates agreed upon or consented to by the parties to the retail installment contract or revolving budget agreement, but not exceeding an annual percentage rate of twenty-five per cent.

Terms Used In Ohio Code 1317.061

  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • Contract: A legal written agreement that becomes binding when signed.
  • Retail: means to dispose of specific goods to, or to acquire specific goods by, a person for use other than for purposes of resale. See Ohio Code 1317.01
  • Retail installment contract: means any written instrument that is executed in connection with any retail installment sale and is required by section 1317. See Ohio Code 1317.01
  • Seller: means a person who sells or agrees to sell goods. See Ohio Code 1317.01