Ohio Code 1317.062 – Retail seller or holder may contract for and receive alternative delinquent charges
(A)(1) As an alternative to the delinquent charges permitted in division (B) of section 1317.06 and division (B) of section 1317.11 of the Revised Code, a retail seller or holder may contract for and receive delinquent charges in any amount agreed upon or consented to by the parties to the retail installment contract or revolving budget agreement.
Terms Used In Ohio Code 1317.062
- 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
- Buyer: means a person that buys or agrees to buy goods or any legal successor in interest of such person. See Ohio Code 1317.01
- 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
- Retail seller: means a seller that is a party to a retail installment sale. See Ohio Code 1317.01
- Seller: means a person who sells or agrees to sell goods. See Ohio Code 1317.01
(2) Each retail installment contract and revolving budget agreement permitting delinquent charges in accordance with division (A)(1) of this section shall contain a statement that clearly and concisely informs the consumer of the amount of the delinquent charges and the conditions under which the delinquent charges will be charged.
(B) A retail seller or holder may contract with a retail buyer for and receive check collection charges for each check or other negotiable instrument that is issued as payment on the retail installment contract or revolving budget agreement and that is returned or dishonored for any reason.
(C) Any charges that are contracted for and received by a retail seller or holder as permitted by this section shall not be included in the computation of the annual percentage rate or rates of interest or finance charges for purposes of determining whether the maximum annual percentage rate or maximum rate or rates of interest or finance charges authorized under sections 1317.06, 1317.061, and 1317.11 of the Revised Code have been exceeded.