Ohio Code 1733.253 – Permissible charges under a revolving credit agreement
(A) As used in this section:
Terms Used In Ohio Code 1733.253
- 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
- Credit union: means a corporation organized and qualified as such under this chapter. See Ohio Code 1733.01
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
- State: means the United States, any state, territory, insular possession, or other political subdivision of the United States, including the District of Columbia. See Ohio Code 1733.01
(1) “Revolving credit agreement” means an agreement pursuant to which a credit union contemplates repeated transactions and the amount of credit that may be extended pursuant to the agreement is made available to the extent that any outstanding balance is repaid. “Revolving credit agreement” does not include an agreement secured by a residential mortgage.
(2) “Residential mortgage” has the same meaning as in section 1109.181 of the Revised Code.
(B) Notwithstanding any limitations contained in sections 1733.25, 1733.251, or any other section of the Revised Code, a credit union may charge interest, fees, and other charges under a revolving credit agreement at the same or lower rates or amounts that a credit union located in another state may charge its revolving credit customers in this state.