A registrant or entity holding a letter of exemption under this chapter may contract for and receive interest at any rate or rates agreed upon or consented to by the parties to the residential mortgage loan, but not exceeding an annual percentage rate of twenty-five per cent.

Terms Used In Ohio Code 1322.30

  • 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.
  • Entity: means a business organization, including a sole proprietorship. See Ohio Code 1322.01
  • Registrant: means any person that has been issued a certificate of registration under this chapter. See Ohio Code 1322.01

Last updated June 15, 2021 at 5:35 PM

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