Ohio Code 1321.632 – Consumer installment loan licensee authority; prohibited activities
A licensee may engage in the business of making loans provided the licensee does not do any of the following:
Terms Used In Ohio Code 1321.632
- Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
(A) Assess an origination fee pursuant to section 1321.68 of the Revised Code more than three times in any twelve-month period;
(B) Accept a dated instrument from the borrower as security for a loan;
(C) Hold an instrument for a period of time prior to negotiation or deposit of the instrument;
(D) Pay to a borrower, credit to a borrower’s account, or pay to another person on the borrower’s behalf the amount of an instrument, less interest, fees, or any other charges permitted by section 1321.68 of the Revised Code;
(E) Refinance the loan during the first one hundred twenty days of the loan term;
(F) Except for the deferment charge permitted by section 1321.68 of the Revised Code, charge or collect any fee, charge, or remuneration of any sort for renewing, amending, or extending a loan beyond its original term.
Last updated November 5, 2021 at 4:07 PM